Why is China embracing nuclear energy?

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Ten years ago, my boss at Fidelity tasked me with writing a thought leadership piece on US innovation. "Easy," I thought.

But why state the obvious? The answer was blowing in the wind from the East. China had become asset management's best money-maker, with everyone launching funds, white papers, and giving media interviews on China’s rise.

The counter-argument? "Sure, everything's 'Made in China,' but little is 'Designed by China.'" China was seen as the world's biggest photocopier, churning out knock-offs faster than you could say "intellectual property."

However, China proved to be less of a copycat and more of a chameleon. With immense resources, the country initiated a new Great Leap Forward, where innovation could actually take route in the form of smartphones and electric cars.

One area where it appears to be going well is energy. True, China’s coal dependency is strong, but it’s also investing in one of the world’s most ambitious clean energy projects.

Their secret? Nuclear. China is building reactors faster than you can say "fission," and is set to surpass France and the US.

Only about seven countries can build nuclear reactors well, and China is leading the pack. The scale and speed of China’s nuclear industry development are staggering, with billions spent on R&D, including the only small modular reactor approved by the International Atomic Energy Agency.

Who knows? In ten years, I might be writing about the US catching up to China.

Source: Bloomberg

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