China seeks to heat up economy with US$28 billion nuclear power investment in 11 reactors

China approved five new nuclear power projects in Shandong, Zhejiang, Jiangsu, Guangdong and the Guangxi Zhuang autonomous region on Monday

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Chinese Premier Li Qiang presides over the fifth plenary meeting of the State Council Friday. Photo: Xinhua

Published: 5:30pm, 20 Aug 2024

China accelerated its nuclear power expansion with the approval of five new projects totalling over an estimated 200 billion yuan (US$28 billion) as Beijing stepped up efforts to boost investment in the sector and accomplish its annual economic growth target.

The approval for the projects in the coastal provinces of Shandong, Zhejiang, Jiangsu, Guangdong and the Guangxi Zhuang autonomous region was given during an executive meeting of China’s cabinet, the State Council, chaired by Premier Li Qiang on Monday.

The five projects involve 11 reactors, which represents the largest number of units approved since 2019.

“The uptick in industry sentiment, coupled with the increase in new nuclear power project approvals, is poised to drive growth for equipment suppliers and operators,” Guolian Securities analyst He Zhaohui said on Tuesday.

The approvals followed a call from China’s top leaders during the third plenum in July to be “firmly committed to accomplishing the goals for this year’s economic and social development”.

China National Nuclear Power received approval for three reactors, the company said in a statement on Monday, while the State Power Investment Corporation said it had received approval for two units.

CGN Power, the listed unit of the state-owned China General Nuclear Power Corporation, said in a Hong Kong stock exchange filing on Tuesday that it had received approvals for six reactors across three sites.