http://www.nrel.gov/docs/fy04osti/35489.pdf
http://www.clca.columbia.edu/236_PE_Magazine_Fthenakis_2_10_...
It doesn't make any sense that China would be subsidizing their panel manufacturers to the extent you are implying.
Consider for instance that you live near the Hoover dam (desert, lots of sun, prime area for solar); your panels might never be carbon-neutral.
There's also the question of whether buying Chinese solar panels makes China more or less likely to convert to solar itself.
If energy is the only input to making a solar cell (the worst case) and the cell costs x Wh then the market price can't go below x * ($/Wh), so it pays back when you produced x Wh (thus not buying x Wh from the coal burning power plant) and any energy you produce is both profit for you, and also less total demand for coal energy.
In reality, it's most likely much sooner because you don't need 4000 kWh of coal electricity to manufacture a 250W panel; you have to pay your workers and raw material suppliers instead.
http://spectrum.ieee.org/green-tech/solar/solar-energy-isnt-...
Related quote: "If the photovoltaic panels made in China were installed in China, the high carbon intensity of the energy used and that of the energy saved would cancel each other out, and the time needed to counterbalance greenhouse-gas emissions during manufacture would be the same as the energy-payback time. But that’s not what’s been happening lately. The manufacturing is mostly located in China, and the panels are often installed in Europe or the United States. At double the carbon intensity, it takes twice as long to compensate for the greenhouse-gas emissions as it does to pay back the energy investments."
China already has the biggest hydro electric project and I to see massive installations in China for Solar, Wind and Nuclear to combat their air pollution and health problems