China to set up third-generation n-power company

Two Chinese nuclear power giants plan to set up a joint venture to combine technologies for China's third-generation nuclear reactor design, known as the Hualong One, an official said on Thursday.

China General Nuclear Power Group (CGN) and China National Nuclear Corporation have decided to set up the company to reduce competition in exporting Hualong One into overseas markets, Xinhua news agency reported citing the official as saying.

The plan has been forwarded to the authorities and a coordination meeting will be held soon.

"If everything goes well, the joint venture will be set up before the end of this year," the official said.

The two companies jointly started the research and development of Hualong One in 2013 based on their respective technologies, and the general plan passed inspection by a national expert panel in August 2014.

In May 2015, construction on the first pilot project using Hualong One technology started in Fuqing in Fujian province.