China’s State Council approved the long-awaited merger between two state-owned nuclear powerhouses on Wednesday, underscoring Beijing’s ambitions to overhaul bloated state-owned enterprises SOE for better efficiency and more sustainable growth.
In a brief message posted on its official website, the State-owned Assets Supervision and Administration Commission SASAC said it had approved the consolidation of China National Nuclear Corporation CNNC and China Nuclear Engineering Construction Corporation CNEC.
CNEC, a smaller player which engages in engineering and construction of nuclear facilities, will be incorporated into CNNC, a mega corporation that oversees the country’s civilian and military nuclear programmes. The merger will be a direct transfer of...
