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Profit Of China Nuclear Equipment Manufacturers Slides On Weak Demand via Forbes

Earnings of Chinese nuclear equipment manufacturers slid during the first half of the year, a sign that the government’s resolve to rely more on nuclear power has yet to rejuvenate the industry.

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The weak results show that Beijing’s push to generate more nuclear energy has yet to put the equipment makers on a growth trajectory. They took a hit in the immediate aftermath of the 2011 Fukushima disaster in Japan, which caused China to halt approval for new nuclear plants.

Now the country’s often smog-choked skyline renews the urgency of increasing the share of nuclear power in its total energy supply. Speaking at a June meeting of the Central Leading Group for Financial and Economic Affair, President Xi Jinping said China would seek a more balanced energy supply system. “By adopting top international standards and ensuring safety, China should lose no time in constructing nuclear power projects in the eastern coastal regions,” he said.

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China’s 17 operational nuclear power plants currently generate about 2% of the country’s total energy, according to the state-run Xinhua News Agency. The State Energy Administration aims to deploy an additional 8.6 gigawatts of nuclear capacity by the end of this year, China Daily reported. Ye Qizhen, a nuclear energy expert at the Chinese Academy of Engineering, told Xinhua that 10% of China’s energy supply should come from nuclear power.

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