Debate on Participating in China’s 50 Trillion Won Nuclear Power Market

It was announced on November 12 that at the Korea-China summit conference to beheld on November 20 with Chinese President Hu Jintao that President Roh Moo-hyun will earnestly propose Korea’s entrance to China’s nuclear power plant construction market (maximum of 50 trillion won).

On this day, several government official, “Under the judgment of the government that for Korea, which is sixth in the world in amount of nuclear power generated, to enter the Chinese market smoothly, business diplomacy among summits is crucial, and as a result the subject of nuclear power was chosen for the summit.” The Korea-China summit conference will be held during the Asian-Pacific Economic Cooperation summit conference in Santiago, Chile.

To relieve its chronic shortage of electric power, the Chinese government is planning to construct 28 nuclear reactors until 2020, and nuclear world powers such as the U.S., France, Canada, and Russia have been competing to obtain construction contracts in China.

An official of the Ministry of Foreign Affairs and Trade said, “During his visit to China on October 8 to 12, it is known that French President Jacques Chirac requested to Chinese President Hu to ‘support France’s entry to China’s nuclear power market’ at meetings such as summit conferences.”

China is planning to raise the percentage of nuclear power out of its total electric power from 1.2 percent in 2000 to 7.0 percent in 2020, and the scale of nuclear power plants constructed in the process is estimated to amount to 35~50 trillion won.

Hyong-gwon Pu bookum90@donga.com