China

China polysilicon firms plan $7 billion fund to shut a third of industry capacity

Chinese producers of polysilicon, a building block for solar panels, are in talks to create a 50 billion yuan ($7 billion) fund to acquire and shut down roughly a third of production capacity and restructure part of the loss-making sector, GCL Technology Holdings said.

A first step maybe? It's too little, and very late. Seems China's Leninist changes only if they run out of money. What a difference to the neo-liberal stance (s/)

Ok yeah that's actually a problem. Overcapacity is waste. Wasted resources, wasted labor to build capacity and to man it (often higher minimum capacity as well).

Socialist systems need the capacity to remove scarcity and ro fulfill needs but they also need efficiency as the proletariat are owed the benefits of efficiency. That efficiency can be everything from more money to shorter hours to a larger coffer upon which the company sits (which means more stability