China's photovoltaic (PV) industry holds more than 60% of the global PV market, with an annual growth rate of over 100% for five consecutive years, a production value of over RMB500 billion (US$80 billion), profits and taxes of RMB10 billion ($1.6 billion), and employment for 500,000 people. However, China's domestic PV market is very small. Only after the promulgation of the nation's Medium and Long-term Renewable Energy Development Plan in 2007 and the amended Renewable Energy Law in 2008 did Chinese authorities begin to nurture the domestic PV market.
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