China has approved the construction of 11 nuclear power plants, marking the largest scale of approval in history.
According to Chinese media including the state-run Xinhua News Agency on the 20th, the Standing Committee of the State Council of China held a meeting chaired by Premier Li Chang the previous day and approved the construction plans for 11 nuclear power plants, including five projects such as the 'Jiangsu Shuiwei Phase 1' developed by a subsidiary of the China National Nuclear Corporation.
The construction will involve China General Nuclear Power Group (CGNPG), China National Nuclear Corporation (CNNC), and China Power Investment Group (CPI), with at least 220 billion yuan (approximately 41 trillion won) invested, and local media forecast that it will take about five years to complete.
Bloomberg News evaluated that China, which has approved about 10 nuclear power plants annually over the past two years, has significantly increased the scale to accelerate carbon reduction. According to the industrial research firm BloombergNEF, China is expected to have the largest number of nuclear power plants in the world by 2030, surpassing France and the United States.
According to the China Nuclear Energy Association (CNEA), China currently operates 56 nuclear power plants, producing about 5% of the country's total electricity demand. Zhongxin Securities diagnosed in a report that China will approve about 10 new nuclear power plants annually over the next 3 to 5 years.
On the same day, the Standing Committee of the State Council also approved four documents including the 'Special Management Measures for Foreign Investment Access' (2024 edition) and decided to completely lift restrictions on foreign investment in the manufacturing sector. According to the Special Management Measures, China will significantly ease foreign investment entry by removing all restrictions on foreign investment in the manufacturing sector.
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