At this time last year Ming Yang – China’s biggest non-state-owned turbine maker – was posting a 2011 profit of 253.1m yuan.

The company sold 804.5MW of turbines last year, a 45.3% decrease on 2011’s figure, and pulled in revenue of 2.9bn yuan, a 47% fall.

In the final quarter of 2012 the company lost 164.9m yuan, but at least managed to increase revenue by 11% compared to the same period in 2011, thanks to a rise in selling prices.

The