Chinese companies will soon be allowed to invest in British nuclear power plants and eventually hold majority ownership stakes, according to an announcement made yesterday by Britain’s finance minister George Osborne. Osborne, who has already inked multiple banking deals in his five-day trade mission to China, said that any Chinese investments would have to meet strict safety standards.

According to the New York Times, it is likely that Chinese investors will have a minority stake in the Hinkley Point project, one of five sites at which Britain plans to bring online 12 new nuclear reactors before 2030. UK energy secretary Ed Davey said in a statement that Chinese money will be “welcome” in Britain, which needs foreign investment to renew its ageing energy infrastructure.

Posted by Catherine Matacic