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Updated: October 17, 2013 15:39 IST

Britain opens nuclear market to China

AP
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Britain's treasury chief George Osborne, left, receives a digital painting from a young designer during his visit to Tencent's headquarters in the southern Chinese city of Shenzhen on Wednesday.
AP Britain's treasury chief George Osborne, left, receives a digital painting from a young designer during his visit to Tencent's headquarters in the southern Chinese city of Shenzhen on Wednesday.

Britain’s Finance Minister says his government will allow a Chinese company to own a majority stake in a new nuclear power plant as it tries to curb demand for fossil fuels.

George Osborne made the announcement while he visited a nuclear power plant in southern China. It said a Chinese role in a British nuclear power plant would probably start as a minority stake but could increase to majority ownership.

Mr. Osborne’s statement made no mention of a specific project but Britain’s first nuclear power plant in 20 years is being developed by French company EDF in Hinkley in southwestern England.

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