"Go buy some nuclear-related corporate stocks in China!" were half-joking words from insiders at Areva Group, who spoke to reporters. The Areva Group, which recently announced its successful bid for the construction of China's nuclear power plants, has long been one of the country's key partners in nuclear energy development. However, the company now faces a new challenge. According to the "Eleventh Five-Year Plan," by 2020, more than 70% of nuclear power equipment in China must be domestically produced. This shift is putting pressure on foreign companies like Areva, as they need to adapt to a growing emphasis on localization. "A major benefit of domesticating nuclear power plant equipment is cost savings," said a senior figure in the Chinese nuclear industry. Currently, authorities are evaluating the reliability of foreign technology transfers and the quality of locally made components. With the national nuclear power development plan in place, the domestic nuclear equipment market is expected to reach 360 billion yuan. This shift marks a turning point for China’s nuclear industry. Just a few years ago, the idea of localizing nuclear equipment was barely discussed. Xu Yong, a sales manager at a Sino-Japanese joint venture in Jiangsu, recalls that back then, his company was lucky to sell pipes to the Qinshan Nuclear Power Plant—but even then, foreign equipment was preferred for its perceived safety. Now, with new policies in place, his business is set for growth. According to the National Nuclear Power Development Thematic Plan, China aims to increase its installed nuclear capacity from 9.068 million kilowatts today to 40 million kilowatts by 2020, building 20 new nuclear power plants. These will all use the world's most advanced third-generation nuclear technology. The plan also forecasts that nuclear power will account for about 4% of China's total power generation, with an estimated investment of 450 billion yuan. Fu Manchang, secretary general of the China Nuclear Society, noted that 70% to 80% of this market will likely go to Chinese enterprises. "It used to be hard for domestic equipment to enter nuclear projects, but the national plan will change that." Chinese companies have already begun exporting major nuclear components to South Korea. Fu added that the booming nuclear construction market will not only boost domestic manufacturing but also open up future export opportunities. A nuclear equipment manufacturer in Jiangsu explained that using localized or joint-venture equipment can cut costs by nearly 40% compared to imported alternatives. Some imported parts are even several times more expensive than their domestic counterparts. Reducing construction costs is critical, as it directly affects the overall cost of electricity generation. Areva agrees that initial costs are a major concern. The French company pointed out that the high upfront investment in nuclear plants makes power generation costs significantly higher than thermal power, which is one reason why nuclear projects have struggled to gain traction. In France, for example, when loans make up 42% of total investment, the debt-to-income ratio during the early years of a nuclear plant is 1.8 times, leading to very high electricity prices. Only after 20 years of operation does the cost become competitive, dropping to around 0.3 yuan per kilowatt-hour. China's nuclear power projects are expected to have similar financing structures, with 70% to 80% of the costs coming from loans. As a result, the current cost of generating electricity from new nuclear plants is expected to be twice that of thermal power. While the push for equipment localization is inevitable, there are concerns about whether domestic manufacturers can meet the required standards quickly enough. Fu Manchang insists that Chinese companies are capable of producing high-quality components, but a foreign nuclear executive warned that issues with safety and stability still exist. Despite these challenges, the decision-makers in China's nuclear sector are aware of the need for balance. State-owned enterprises are accelerating their entry into the industry, while concerns over technology transfer remain. In 2006, the U.S. Westinghouse Consortium won the bid to build China's first third-generation nuclear power plant. Subsequently, China National Nuclear Power Technology Co., Ltd. signed a contract with Westinghouse for the transfer of AP1000 technology and equipment procurement. This included core technologies such as main pumps, blast valves, containment systems, and more. Although Areva was initially excluded, officials reportedly assured them they wouldn't be completely left out of China's nuclear expansion. In November 2007, during French President Nicolas Sarkozy's visit to China, Areva secured an 8-billion-euro cooperation deal in civilian nuclear energy—making it one of the largest deals in the global nuclear market. At this stage, China's nuclear power planning once again entered a competitive phase, with Westinghouse’s AP1000, Areva’s EPR, and the Qinshan third-generation technology all vying for a place in the market. Meanwhile, Chinese researchers are already working on fourth-generation nuclear technology, aiming to develop it independently by around 2035, according to senior expert Wang Naiyan. While the focus remains on third-generation technology, the long-term vision for China's nuclear future is clear: a mix of international collaboration and domestic innovation.

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