BEIJING, Aug. 6 (UPI) -- The Chinese government said it welcomed a ruling from the European Union aimed at resolving ongoing issues surrounding the solar power industry.
The EU had considered duties for Chinese solar panels sold on the European market in response to allegations they were sold at below market cost.
The EU said in late July it would lift the duties for Chinese suppliers who agreed voluntarily to keep prices above a certain level. The agreement takes effect Tuesday.
The Chinese Ministry of Commerce said Monday it welcomed the solution, which it said was in the interest of both parties.
"China welcomes the EU's adoption of the price undertaking deals, which signified an official ending to the EU's anti-dumping investigation into China's solar panels producers," ministry spokesman Shen Danyang was quoted by China's official Xinhua News Agency as saying.
Chinese-manufactured solar products account for more than half of the global market and are a main source of European imports of renewable energy goods. The spokesman said Chinese manufacturers would maintain "a reasonable quota" in the European market.
