CBN丨China announces construction of Yarlung Zangbo hydropower project

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China has founded a new central state-owned enterprise that will be responsible for building and operating the CNY1.2 trillion Yarlung Zangbo hydropower project in China's western Xizang Autonomous Region, according to Xinhua News Agency.

China Yajiang Group was established on Saturday at a ceremony held in Beijing, becoming China’s 99th central SOE. It is 22nd on the central SOE list on the website of the State-Owned Assets Supervision and Administration Commission, right before China Energy Investment and after China Three Gorges, reflecting its important status in the energy sector.

The Yarlung Zangbo hydropower project, which was approved by the central government last December, has officially begun construction in Nyingchi, Xinhua reported. It will consist of five cascade hydropower stations and primarily deliver electricity for external consumption, while also addressing local demand in Xizang.

The project will take full advantage of the abundant water resources of the Yarlung Zangbo River and drive the development of surrounding new energy resources, creating a clean energy hub that integrates hydropower, wind, and solar power.

This is a major initiative in China's efforts toward green and low-carbon energy transformation and plays a crucial role in advancing the country's carbon peak and carbon neutrality goals and addressing global climate change, Xinhua noted.

Upon completion, the project will greatly enhance local infrastructure in terms of electricity, water conservancy, and transportation, strengthening development connections between Xizang and other regions and bringing greater satisfaction, happiness, and security to people of all ethnic groups in Xizang, Xinhua reported.

Chinese A-share market jumped on Monday, with the benchmark Shanghai Composite rising 0.72 percent to reach another yearly high. The infrastructure sector gained the most across the board, with dozens of stocks including PowerChina, Xizang Tianlu, and Poly Union hitting daily trading limit.

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