China’s five largest listed solar manufacturers—Longi Green Energy, Trina Solar, Jinko Solar, JA Solar and Tongwei—eliminated about 87,000 positions last year, equivalent to 31 percent of their combined workforce, according to company filings reviewed by Reuters. The scale of the layoffs, largely unannounced by the firms, underscores how sharply conditions have deteriorated in an industry once championed by Beijing as a pillar of economic growth. A building binge between 2020 and 2023 left the sector producing roughly twice as many panels as the world installs each year. The resulting price war, amplified by U.S. import tariffs on Chinese-owned factories in Southeast Asia, pushed collective losses to roughly $60 billion in 2024 and has kept most manufacturers in the red for 18 months, analysts say. Authorities are signaling tougher action to stem the slide. President Xi Jinping in July urged an end to ‘disorderly price competition,’ and the industry ministry has vowed to retire outdated lines. Polysilicon producer GCL told Reuters it is working with peers on an OPEC-style body to manage output and prices, alongside a planned 50 billion-yuan ($6.9 billion) vehicle that would buy and shutter roughly one-third of lower-quality capacity. Spot polysilicon prices have already surged about 70 percent since early July, while panel prices have edged up more modestly. Even with potential intervention, Jefferies analyst Alan Lau estimates at least 20–30 percent of manufacturing capacity must be removed for companies to return to profit. Provincial officials, whose performance is tied to jobs and growth, may resist sweeping closures, leaving the timeline for further layoffs and consolidation uncertain.