Beijing inks nuclear power deal as UK seeks investment

A Chinese dance group supporting Chinese President Xi Jinping, perform on Parliament Square outside the Houses of Parliament

Britain will be China’s “partner of choice” in the West, Prime Minister David Cameron declared Wednesday, as China demonstrated its commitment by putting down a 6 billion-pound (USD9.3 billion) stake in the U.K.’s first nuclear power plant since the 1980s.
Chinese President Xi Jinping signed the nuclear agreement on the second day of a four-day visit that has seen the two countries agree more than 30 billion pounds ($46 billion) in business deals.
Cameron said the “historic agreement” would create 25,000 jobs and eventually provide power to 6 million homes. But the nuclear deal is a focal point for critics who accuse Cameron of wooing the Chinese for trade deals while ignoring the country’s human rights record.
At a joint news conference at 10 Downing St., Xi said China “attaches great importance to the protection of human rights.”
“Looking around the world, there is always room for improvement,” he said.
Cameron said a strong economic relationship could withstand frank disagreements on some other issues.
“The stronger the relationship between our countries, the more we’ll be able to have a serious dialogue,” Cameron said. “We may not always agree, but we can discuss issues openly and constructively.”
The nuclear deal will see the new Hinckley Point plant in southwest England built jointly by Electricite de France and China’s state-owned China General Nuclear Power Corporation.
EDF said Wednesday that it would take a 66.5 percent share in the 18 billion-pound ($28 billion) plant and CGN 33.5 percent. The two firms also agreed to develop two further nuclear power stations in southeast England — one of which would be Chinese-designed and majority Chinese-owned.
The deal must be approved by both companies’ boards. EDF said it anticipated a “final investment decision” within weeks.
Some in Britain worry about letting an undemocratic emerging superpower with powerful espionage capabilities access to Britain’s critical infrastructure.
“It won’t be the physical security that matters, but the cybersecurity,” said Alan Woodward, visiting professor of computing at the University of Surrey. “We don’t want a foreign power being able to quite literally turn off the lights from some remote location.”
Others questioned the economics of the nuclear agreement. The British government agreed to underwrite 2 billion pounds ($3.1 billion) in Chinese financing to secure the deal and has guaranteed the plant’s owners a minimum power price for 35 years. Jill Lawless, London, AP