China's third-generation Hualong One reactor at Zhangzhou Plant begins commercial operation

The first unit of the Zhangzhou Nuclear Power Plant in east China's Fujian Province officially entered commercial operation on Wednesday after successfully completing a full power demonstration run lasting 168 hours, said its operator China National Nuclear Corporation (CNNC).

This marked a major step for the upcoming massive roll-out of Hualong One, a domestically developed third-generation reactor, as China seeks to improve its energy mix and meet its dual carbon targets.

The project in the city of Zhangzhou is the world's largest Hualong One nuclear power base, designed to have six million-kilowatt-level Hualong One nuclear power units. Four units, including Unit 1, are currently under construction, all maintaining high safety and quality standards. Upon completion, the base will provide robust support for the economic and social development of Fujian Province.

"Upon completion, the base will further improve Fujian's energy structure. With the commissioning of the Fujian-Guangdong power interconnection project, we will also be able to supply electricity to Guangdong Province. Currently, 33 Hualong One nuclear reactors are in operation or under construction at home and abroad, making it the third-generation nuclear power technology with the largest number of units in operation or under construction in the world, and a national emblem representing China's nuclear power technology on the global stage," said Li Feng, general manager of CNNC Zhangzhou Energy.

A Hualong One nuclear power unit generates more than 10 billion kilowatt-hours of electricity per year, which can meet the annual production and domestic electricity demands of one million people in a moderately developed country.

This is equivalent to reducing carbon dioxide emissions by 8.16 million tonnes per year -- an environmental impact comparable to planting over 70 million trees each year.

At present, the localization rate of Hualong One related equipment has exceeded 90 percent. The export of one Hualong One nuclear power unit can directly drive an output value of about 30 billion yuan (about 4 billion U.S. dollars), and bring opportunities to more than 5,300 companies in the upstream and downstream industrial chains to grow together.

China's third-generation Hualong One reactor at Zhangzhou Plant begins commercial operation

China's third-generation Hualong One reactor at Zhangzhou Plant begins commercial operation

China welcomes more Latin American and Caribbean (LAC) countries to issue panda bonds in China and share the development opportunities brought by the growth of the Chinese market, said Pan Gongsheng, governor of the People's Bank of China, the central bank, on Wednesday at the China-LAC Panda Bond Seminar in Beijing, one of the sub-forums of the China-CELAC (the Community of Latin American and Caribbean States) Forum.

Addressing the seminar, Pan said China and LAC countries, including Brazil, as important members of the Global South, have achieved fruitful outcomes in financial cooperation, contributing to China-LAC economic and trade cooperation, financial stability, and economic growth.

Given the complex and challenging international landscape, China and LAC countries should strengthen financial cooperation across broader and deeper fields to jointly address common challenges, he said.

Panda bonds are RMB-denominated bonds issued by foreign institutions within China. The funds raised through panda bonds are versatile, being used for purposes including financing domestic projects, business development, and overseas operations. These bonds provide a cost-effective source of capital for foreign institutions seeking to expand in international markets.

The issuers of panda bonds now span a diverse array of organizations, including international development institutions, foreign governments, overseas financial entities, and non-financial corporations. These issuers cover all five continents: Asia, Europe, Africa, North America, and South America.

In recent years, the panda bond market has experienced rapid development and emerged as one of the key drivers of RMB internationalization. Over the first four months of this year, the total issuance of panda bonds reached 62.2 billion yuan (8.6 billion U.S. dollars), continuing to demonstrate its strong growth and momentum.

China welcomes more LAC countries to issue panda bonds: central bank governor