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China looking to further its partnership with France

CCTV.com

11-16-2016 03:27 BJT

China is looking to further its nuclear partnership with France, after Vice Premier Ma Kai said he will encourange Chinese enterprises to invest in the resturcturing of the French state-controlled nuclear group, Areva. This follows their joint investment in the construction of the Hinkley Point C Nuclear Power Plant in the UK. Ma was speaking at a press conference following a High Level Economic and Financial Dialogue between the two countries in Paris.

Chinese Vice Premier Ma Kai (L), who is in Paris for the fourth China-France High Level Economic and Financial Dialogue, takes part in a joint press conference with French Economy and Finance Minister Michel Sapin in Paris, capital of France, Nov. 14, 2016.(Xinhua/Li Genxing)

Chinese Vice Premier Ma Kai (L), who is in Paris for the fourth China-France High Level Economic and Financial Dialogue, takes part in a joint press conference with French Economy and Finance Minister Michel Sapin in Paris, capital of France, Nov. 14, 2016.(Xinhua/Li Genxing)


 
China's Vice Premier Ma Kai has a busy schedule in France. He has already met with the country's president, Francois Hollande and his cabinet, signed a bunch on deals and secured more pragmatic cooperation.

"Both sides agree to continue to expand cooperation in big sectors, such as automobiles, aerospace, nuclear power, renewable energy and green industry. Both sides will deepen investment in infrastructure, expand Public-Private Partnership cooperation, and continue to promote the Greater Paris investment plan," Ma said.

The highlight of their cooperation is in energy. China is already partnering with French state-controlled utility firm EDF to build the ambitious Hinkley Point C plant in south-west England. A significant development for the global nuclear power industry.....and now they're looking further afield.

"The Hinkley Point project package, signed by China, France and the UK, shows how these three countries have made substantive steps in third-party markets. Both sides decided to push forward a review of general design standards and aim for new breakthroughs in Asian and African markets," Ma said.

EDF is being backed by a Chinese investment to the tune of nearly eight billion US dollars. Now Ma says China will encourage its enterprises to participate in the restructuring of Areva, which is planning a five-billion euro capital injection to restore its finances.

"It is also why we wish to develop in this nuclear sector the entry of the China National Nuclear Corporation into the new Areva's capital. The terms are of course taking place on the basis of investment in each other, but it's also important recognition of what China represents in the restructuring of France's nuclear networks," French Industry Minister Christophe Sirugue said.

France will also encourage its institutions to issue yuan-denominated "panda bonds". Yet more proof of the irresistable nature of Chinese money.

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