Chinanews, Beijing, May 28 – With approval by the State Council, the National Nuclear Technology Company was established in Beijing on Tuesday, indicating that Chinese nuclear power industry has entered into a fast track of development, the People's Daily overseas edition reported.The National Nuclear Technology Company is a state-owned company operated by the central government. It is established by the State Council and four major nuclear power companies in China, namely the China Nuclear Engineering and Construction Group, the China Power Investment Corporation, the China Guangdong Nuclear Power Holding, and the China National Technical Import and Export Corporation. It has a registered capital of 4 billion yuan, with the state allocating about 2.4 billion yuan, accounting for 60% of the total.The National Nuclear Technology Company will be devoted to the introduction, learning, research and development, transference, application and promotion of the third generation of nuclear power technology. By learning and through self-innovation, it tries to develop China’s own nuclear technology brands. It will provide a platform so that domestic companies, by paying a certain amount of money, can share its technological achievements in a fair way. The new company will also be responsible for the third generation nuclear power construction work, and its related technical support and consultation service work, as well as other work approved and authorized by the state.According to China's mid- and long-term nuclear power development program, by 2020, China will complete 40 million kilowatts of nuclear power generating units. Meanwhile, about an 18-million-kilowatt-nuclear power project is underway. On the whole, China will mainly develop nuclear power technology by its own efforts.The establishment of the company will help boost China’s process in developing its own nuclear power technology and in the industrialization and modernization of its nuclear industry, said Wang Binghua, president of the National Nuclear Technology Company.