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China approves merger of leading nuclear power companies

Updated: Jan 31,2018 3:48 PM     Xinhua

BEIJING — The State Council has approved the restructuring of two leading Chinese nuclear power companies, China National Nuclear Corporation (CNNC) and China Nuclear Engineering and Construction Group Corporation Limited (CNECC), according to an official announcement on Jan 31.

The CNECC will be taken over by the CNNC, according to the announcement by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

The move will reduce major state-owned enterprises under direct supervision of the SASAC to 97.

The CNNC is a major nuclear power player in terms of investment, operation, and development in the nuclear sector in China.

Strategic restructuring of China’s state-owned enterprises in equipment making, coal, power, communication, and chemical engineering sectors will accelerate this year, according to experts.