State Council Approves Four Nuclear Projects, Eight Units, Over RMB 170 Billion Investment

The State Council executive meeting on July 31 decided to approve four nuclear power projects: the Phase II project of Jinqimen in Zhejiang (Units 3 and 4), the Phase III project of Taipingling in Guangdong (Units 5 and 6), the Phase I project of Zhuanghe in Liaoning (Units 1 and 2) and the Phase I project of Laiyang in Shandong (Units 1 and 2), totaling eight new units. Estimated total investment exceeds RMB 170 billion. This approval is the first batch of nuclear projects in the 15th Five-Year Plan period, continuing the normalized approval pace of recent years.

China National Nuclear Power, China General Nuclear Power and SPIC Capital each disclosed their project approval announcements. Four units under China National Nuclear Power, namely Liaoning Zhuanghe Phase I and Zhejiang Jinqimen Phase II, were approved; two units of Guangdong Taipingling Phase III under China General Nuclear Power will adopt Hualong One 2.0 technology; and two units of Shandong Laiyang Phase I under SPIC Capital will use Guohao One technology. Each project owner has been designated to handle investment, construction and operations management.

Historical data show that from 2022 to 2025, China approved 10 or more nuclear units each year for four consecutive years. As of the end of 2025, the country had 59 commercial nuclear units with total installed capacity of 62.52 million kilowatts, plus 41.9 million kilowatts under construction. The 15th Five-Year Plan for building a new power system, issued by the National Development and Reform Commission and the National Energy Administration, sets a target of approximately 110 million kilowatts of nuclear installed capacity by 2030 and emphasizes the active, safe and orderly development of nuclear power.

On August 3, the A-share nuclear power sector saw a wave of limit-up moves, with multiple stocks hitting their daily limits, including Jiusheng Electric, China Nuclear Engineering and Jiangsu Shentong. Net main capital inflows into the sector exceeded RMB 2.6 billion.

On the technology front, some of the newly approved units use Hualong One 2.0 technology, which features intelligent control and modular construction. The International Thermonuclear Experimental Reactor (ITER) project has made progress, with vacuum chamber module assembly more than two-thirds complete and related lifting work finished on July 28. Nuclear fusion development is accelerating globally, with multiple countries advancing their programs.