Nuclear energy plans got a further boost in China after the government decided to fast track more such projects and gave the final nod for the fifth and sixth units of the Fuqing nuclear power plant on Wednesday.
The green light, which was given during an executive meeting of the State Council on Wednesday, is the second time this year that the government is pressing ahead with the development of nuclear power projects, sending a strong signal that the nuclear sector will see lots of action, according to a report by Economic Information Daily, a newspaper run by Xinhua News Agency.
Experts said that the approval is a reflection of the government's decision to forge ahead with the development of the nuclear sector and said that more approvals are being given to the new nuclear projects as the traditional manufacturing industries are struggling to make a profit.
"This is not only a major victory for the nuclear power sector, but will also become a new growth engine for the country and drive investment in many sectors," a report from the Guangzhou-based Wanlong Securities said.
Unit 5 and 6 of Fuqing nuclear power plant are a demonstration project that uses China's flagship nuclear reactor design, the Hualong One, known as the third-generation nuclear technology. The report said the approval will also help promote the export of nuclear technology to other nations.
The China National Nuclear Corporation, the biggest owner of the Fuqing nuclear power project, is promoting the Hualong One design to countries with huge market potential such as Argentina and Turkey. The Fuqing nuclear power plant construction will also help the company bid for projects in these countries, experts said.
The nuclear industry has struggled for years to receive the necessary regulatory approvals to build new reactors, as China suspended approval for nuclear plants in order to revise its safety standards after the Fukushima disaster in Japan in 2011.
However, it lifted the ban on new nuclear power stations at the end of 2012, and said it would only approve projects proposed for coastal areas within 2015.
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