China Power Investment and State Nuclear to merge

This undated photo shows workers working on the construction of a nuclear power plant in southern China. [Photo: maoyiw.com]

A merger of China's top two nuclear power companies has been approved by the cabinet.

The State Council has given the green-light to the integration of China Power Investment and the State Nuclear Power Technology.

They're coming together to create a new conglomerate which focuses on overseas contracts.

A cabinet meeting earlier this week has earmarked high-speed trains and nuclear energy as two key engines for Chinese export.

News of the merger has sent the shares of both companies up over 4-percent this Friday.

State Nuclear Power Technology is among the three state-owned nuclear giants.

The state-run giant is trying to create so-called 3rd generation nuclear power technology.

China Power Investment has a license to export technology to overseas markets.

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