Economic news

China approves creation of world's largest power producer

The merger of the largest Chinese electricity producer China Guodian with coal giant Shenhua Group Corp Ltd was approved by the government of President Xi Jinping. The new entity will command combined assets of $236bn.

The combined entity will become the largest electricity producer in the world with the installed capacity of more than 225 gigawatts. In addition, it will be among the leaders of the wind power generation with 33 gigawatts of capacity and will be the world's largest producer of coal.

The Chinese authorities are actively consolidating state enterprises from 2015, intending to create huge conglomerates that can successfully compete in the world market.

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