China is planning to allocate $570 billion to build more than 60 nuclear power plants over the next decade.

Zheng Mingguang, China's State Nuclear Power Technology Corporation (SNPTC) vice president and chief nuclear designer, said at the World Nuclear Association Symposium in London last Friday that China plans to initially build around 30 reactors over the next five years and more five years after that.

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China's three biggest nuclear companies - SNPTC, China National Nuclear Corporation (CNNC) and China General Nuclear Power Corporation (CGN) - will build at least two nuclear power plants every year, Reuters reported.

The 60 new nuclear power plants would include between six to 10 power plants that will make use of China's CAP1000 technology, which is similar to the AP1000 from Toshiba's Westinghouse.

Currently, two new nuclear reactors from CNNC are under construction in Sanmen county, Zhejiang province, according to the Manila Bulletin, while SNPTC will make another two reactors at Haiyang in Shandong province, and CGN will also build two at Lufeng in Guandong province.

Meanwhile, Daily Caller reported that China plans to make its nuclear generating capacity more than double, from roughly 27 gigawatts to 58 gigawatts by 2020. The country also aims to get about 10 percent of its electricity from 150 gigawatts of nuclear power by 2030 and have over 350 gigawatts by 2050. One gigawatt of power is enough to sustain energy to around 700,000 households.

To date, China has 30 operational nuclear reactors, which derive 2.5 percent of its electricity, and another 21 are still under construction.

Chinese brokerage Orient Securities said China's nuclear facilities will have a 20 billion yuan ($3 billion) market over the next five years.

Tagschina, Nuclear Power, nuclear reactors, Nuclear Power Plant