News / Economy

    China's Nuclear Energy Industry Gets Boost from Britain

    Britain's Chancellor of the Exchequer George Osborne (l) and Industrial and Commercial Bank of China Ltd (ICBC) Chairman Jiang Jianqing during his visit to the ICBC headquarters in Beijing, Oct. 15, 2013.
    Britain's Chancellor of the Exchequer George Osborne (l) and Industrial and Commercial Bank of China Ltd (ICBC) Chairman Jiang Jianqing during his visit to the ICBC headquarters in Beijing, Oct. 15, 2013.
    China's nuclear energy industry has received a boost in its effort to expand abroad, with Britain saying it will allow Chinese companies to buy majority stakes in British nuclear power plants.

    British Finance Minister George Osborne made the announcement Thursday, while visiting a nuclear plant in the southern Chinese province of Guangdong.

    Osborne said Chinese companies will be allowed to invest in British nuclear projects as minority partners initially, before being able to become majority owners. He said any Chinese investment also would have to conform to "very stringent" British safety and security regulations.

    Beijing has been accused by some Western governments of using cyber attacks to steal commercial and other secrets - a charge it denies.

    Britain has been trying hard to attract foreign investors to help it build a new generation of nuclear power plants. It says those plants would alleviate a growing risk of power shortages in the coming years.

    London has been nearing a deal with French energy company EDF to build what will be Britain's first new nuclear plant since 1995.

    The Chinese plant visited by Osborne on Thursday is a joint venture between EDF and the state-owned China General Nuclear Power Group.

    British media said London could finalize a deal with EDF as soon as next week. They said the French company likely will include China General Nuclear as a partner in building the new plant at Hinkley Point in southwest England.

    London-based Wall Street Journal political reporter Ainsley Thomson said in a VOA interview, via Skype, that Chinese investment in the British-based plant would suit both countries.

    "China wants to make itself appear like it is a trustworthy, good investor. If it gets into the U.K. and it does well, other countries may also open their doors. Obviously, many countries are completely shut off to China investing in [their] critical infrastructure. The U.K. is one of the few Western countries which is not. It is openly saying, 'Come and invest.' So for China, it is a big opportunity. And for the U.K., they want money. The fact that it is Chinese is probably less important (than) the fact that they have got deep pockets and are willing invest," said  Thomson.

    China has been seeking new markets for its nuclear technology after focussing for years on its domestic industry, which operates 17 reactors and is building at least 28 more.

    The official China Daily newspaper says Beijing currently has the world's largest number of reactors under construction and has built overseas reactors only in Pakistan so far.

    A spokesman for British trade union GMB told VOA there is little domestic opposition to China investing in nuclear power because Chinese companies already control large parts of Britain's natural gas and electricity network.

    But, speaking by phone from Brighton, GMB's national secretary for the British energy sector Gary Smith said there is still cause for concern.

    "It cannot be right or good for the British people and for the long term future of Britain, to be so dependent on foreign investment in our energy sector. The nuclear industry in the U.K. is now controlled by American companies, by French companies and by the Chinese. We have no strategy around energy and we have no coherent policy and that is why we are reduced to going cap in hand [begging] to foreign investors, absolutely desperate for their money," said Smith.

    British Finance Minister Osborne defended London's appeal for Chinese investment in nuclear plants, saying it will free up British taxpayer money for schools and hospitals. He also said it could help to create more jobs and lead to lower long-term energy costs for consumers.

    William Gallo contributed to this report.

    Michael Lipin

    Michael covers international news for VOA on the web, radio and TV, specializing in the Middle East and East Asia Pacific. Follow him on Twitter @Michael_Lipin

    You May Like

    Top US General: Turkish Media Report ‘Absurd'

    General Dunford rejects ‘irresponsible' claims of coup involvement by former four-star Army General Campbell, who led NATO forces in Afghanistan before retiring earlier this year

    Video Saving Ethiopian Children Thought to Be Cursed

    'Omo Child' looks at efforts of one African man to stop killings of ‘mingi’ children

    Protests Over Western Troops Threaten Libyan 'Unity' Government

    Fears mount that Islamist foes of ‘unity' government plan to declare a revolutionaries' council in Tripoli

    This forum has been closed.
    Comment Sorting
    Comments
         
    by: Jonathan huang from: Canada
    October 17, 2013 10:11 AM
    Wise move. Welcoming China is the right way to go. Instead of letting China steal techs, west should share all techs. Science and techs are properties belong to all human beings not to few countries or coporates.

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    London’s Financial Crown at Risk as Rivals Eye Brexit Opportunitiesi
    X
    VOA News
    July 25, 2016 5:09 PM
    By most measures, London rivals New York as the only true global financial center. But Britain’s vote to leave the European Union – so-called ‘Brexit’ – means the city could lose its right to sell services tariff-free across the bloc, risking its position as Europe’s financial headquarters. Already some banks have said they may shift operations to the mainland. Henry Ridgwell reports from London.
    Video

    Video London’s Financial Crown at Risk as Rivals Eye Brexit Opportunities

    By most measures, London rivals New York as the only true global financial center. But Britain’s vote to leave the European Union – so-called ‘Brexit’ – means the city could lose its right to sell services tariff-free across the bloc, risking its position as Europe’s financial headquarters. Already some banks have said they may shift operations to the mainland. Henry Ridgwell reports from London.
    Video

    Video Recycling Lifeline for Lebanon’s Last Glassblowers

    In a small Lebanese coastal town, one family is preserving a craft that stretches back millennia. The art of glass blowing was developed by Phoenicians in the region, and the Khalifehs say they are the only ones keeping the skill alive in Lebanon. But despite teaming up with an eco-entrepreneur and receiving an unexpected boost from the country’s recent trash crisis the future remains uncertain. John Owens reports from Sarafand.
    Video

    Video Migrants Continue to Risk Lives Crossing US Border from Mexico

    In his speech Thursday before the Republican National Convention, the party’s presidential candidate, Donald Trump, reiterated his proposal to build a wall along the U.S.-Mexico border if elected. Polls show a large percentage of Americans support better control of the nation's southwestern border, but as VOA’s Greg Flakus reports from the border town of Nogales in the Mexican state of Sonora, the situation faced by people trying to cross the border is already daunting.
    Video

    Video In State of Emergency, Turkey’s Erdogan Focuses on Spiritual Movement

    The state of emergency that Turkish President Recep Tayyip Erdogan has declared is giving him even more power to expand a purge that has seen an estimated 60,000 people either arrested or suspended from their jobs. VOA Europe correspondent Luis Ramirez reports from Istanbul.
    Video

    Video Calm the Waters: US Doubles Down Diplomatic Efforts in ASEAN Meetings

    The United States is redoubling diplomatic efforts and looking to upcoming regional meetings to calm the waters after an international tribunal invalidated the legal basis of Beijing's extensive claims in the South China Sea. VOA State Department correspondent Nike Ching has the story.
    Video

    Video Four Brother Goats Arrive in Brooklyn on a Mission

    While it's unusual to see farm animals in cities, it's become familiar for residents of Brooklyn, New York, to see a little herd of goats. Unlike gas-powered mowing equipment, goats remove invasive weeds quietly and without adding more pollution to the air. As Faiza Elmasry tells us, this is a pilot program and if it proves to be successful, the goat gardener program will be extended to other areas of New York. Faith Lapidus narrates.
    Video

    Video Scientists in Poland Race to Save Honeybees

    Honeybees are in danger worldwide. Causes of what's known as colony collapse disorder range from pesticides and loss of habitat to infections. But scientists in Poland say they are on track to finding a cure for one of the diseases. VOA’s George Putic reports.
    Video

    Video Wall Already Runs Along Parts of US-Mexico Border

    The Republican Party’s presidential nominee, Donald Trump, gained the support of many voters by saying he would build a wall to keep undocumented immigrants and drugs from coming across the border from Mexico. Critics have called his idea impractical and offensive to Mexico, while supporters say such a bold approach is needed to control the border. VOA’s Greg Flakus has more from the border town of Nogales, Arizona.
    Video

    Video New HIV Tests Emphasize Rapid Results

    As the global fight against AIDS intensifies, activists have placed increasing importance on getting people to know their HIV status. Some companies are developing new HIV testing methods designed to be quick, easy and accurate. Thuso Khumalo looks at the latest methods, presented at the International AIDS conference in Durban, South Africa.
    Video

    Video African Youth with HIV Urge More Support

    HIV, the virus that causes AIDS, is the top killer of teens in sub-Saharan Africa. But many youths say their experience with the virus is unique and needs to be addressed differently than the adult epidemic. VOA South African Correspondent Anita Powell reports.
    Video

    Video Pop-Up Art Comes to Your Living Room, Backyard and Elsewhere

    Around the world, independent artists and musicians wrestle with a common problem: where to exhibit or perform? Traditional spaces such as museums and galleries are reserved for bigger names, and renting a space is not feasible for many. Enter ArtsUp, which connects artists with venue owners. Whether it’s a living room, restaurant, office or even a boat, pop-up events are bringing music and art to unexpected places. Tina Trinh has more.
    Video

    Video Scotland’s Booming Whisky Industry Fears Brexit Hangover

    After Britain’s vote to leave the European Union, Scotland’s government wants to break away from the United Kingdom – fearing the nation’s exports are at risk. Among the biggest of these is whisky. Henry Ridgwell reports on a time of turmoil for those involved in the ancient art of distilling Scotland’s most famous product.

    Special Report

    Adrift The Invisible African Diaspora

    World Currencies

    EUR
    USD
    0.9093
    JPY
    USD
    104.27
    GBP
    USD
    0.7612
    CAD
    USD
    1.3233
    INR
    USD
    67.329

    Rates may not be current.