China unveils plan to rule world nuclear market

Shares
China unveils plan to rule world nuclear market

SHANGHAI – China has unveiled plans to capture and rule the international nuclear energy market.

China will provide more support for its nuclear firms to go overseas and strengthen their position on the international market, according to new draft legislation submitted to the industry for consultation.

“The state will encourage and support the positive and orderly participation of its enterprises in the international market” and promote the export of nuclear equipment, fuel and services, the draft Atomic Energy Law says.

China aims to bring its total installed nuclear capacity to 58 gigawatts (GW) by the end of 2020, up from 37 GW at the end of June this year, but it also has ambitions to dominate the global market and has created a unified third-generation reactor brand known as the “Hualong One” to sell overseas.

China has already signed a series of preliminary agreements with countries like Brazil, Argentina, Uganda and Cambodia and it is also undergoing a technical approval process for the Hualong One in Britain.