BRICS' bank launches in Shanghai, to work with AIIB,

To fight against climate change, the Chinese government set a goal to increase the share of non-fossil fuels in its primary energy consumption to 15 percent by 2020

China is expected to become the world’s third largest nuclear generating nation around 2017, pushed by its national target against climate change, said U.S. Energy Information Administration (EIA).

To fight against climate change, the Chinese government set a goal to increase the share of non-fossil fuels in its primary energy consumption to 15 percent by 2020, according to the China National Plan for Climate Change (2014-2020) released last year, reported Xinhua.

“To help achieve this target, China plans to increase nuclear capacity to 58 gigawatts (GW) and to have 30 GW of capacity under construction by 2020,” said the EIA on Monday.

Improving generation
China is expected to surpass South Korea and Russia in nuclear generating capacity by the end of 2015, overtake Japan around 2017 and to be behind only after the U.S. and France, said the EIA.

Since the beginning of 2013, China has added 10 reactors totalling more than 10 GW, pushing China’s net installed nuclear capacity to 23 GW at present, said the EIA.

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The aircraft can carry 50 people during a maritime search and rescue mission

China has begun building the world’s largest amphibious aircraft, a media report said.

The assembly of the domestically developed AG-600 seaplane started in Zhuhai city on July 17, the People’s Daily reported on Tuesday.

‘Better specifications’
“The AG-600’s overall specifications, such as the maximum takeoff weight and flight range, are better than other amphibious planes in the world. Some countries with many islands, such as Malaysia and New Zealand, have expressed interest in the AG-600,” Qu Jingwen, general manager of China Aviation Industry General Aircraft Co, the aircraft’s developer, was quoted as saying.

The aircraft can carry 50 people during a maritime search and rescue mission.

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BRICS' bank launches in Shanghai, to work with AIIB

Officials from the world's largest emerging nations launched the New Development Bank (NDB) on Tuesday, the second of two new policy banks heavily backed by Beijing that are being pitched as alternatives to existing institutions such as the World Bank.

Also known as the BRICS bank, it follows soon after the establishment of the China-led Asian Investment Infrastructure Bank (AIIB). The new bank will fund infrastructure and development projects in BRICS countries - Brazil, Russia, India, China and South Africa.

The ceremony on Tuesday concludes a lengthy wait since the NDB was first proposed in 2012. Disagreements over the bank's funding, management and headquarters had slowed its launch.

"Our objective is not to challenge the existing system as it is but to improve and complement the system in our own way," NDB President Kundapur Vaman Kamath said.

He added that after a meeting with the AIIB in Beijing, the NDB had decided to set up a "hotline" with the AIIB to discuss issues, and to forge closer ties between "new institutions coming together with a completely different approach."

The ceremony, held in Shanghai where the NDB's headquarters are located, was relatively low-key in comparison to a June signing of the articles of agreement for the AIIB in Beijing, which was attended by delegates from 57 countries and President Xi Jinping.

The NDB has initial capital of $50 billion, which will be expanded to $100 billion within the next couple of years.

Kamath, a former executive with India's largest private bank ICICI Bank, told Reuters earlier this month that the NDB plans to issue its first loans in April next year.

China has pledged to contribute $41 billion to the NDB, giving it the largest share of voting rights at 39.5%.

Brazil, India and Russia will each contribute $18 billion, while South Africa will contribute $5 billion.