The China State Power Corp (CSPC) expects to sell 836 billion kwh of electricity and make a profit of 8.6 billion yuan by the end of this year by restructuring the power industry and developing power grids.

According to CSPC president Gao Yan, China plans to set up the modern corporate system in the power sector this year and aims to squeeze the SCPC onto the list of the world's top 500 enterprises.

The country has done a lot to perfect the newly-established State Power Corporation in the past year, and has made remarkable progress in transforming it into a giant corporation with more modern operating methods and a share-holding system, said the president.

He noted that China witnessed overall growth in its power sector in 1999, adding that the country has made headway in developing and renovating the urban and rural power grids, including 87 urban grid projects and 1,590 rural ones.

Moreover, the country has effectively restructured its power-generation industry in shutting down a large number of small thermal power plants with high coal consumption, heavy pollution and poor economic efficiency.

According to Gao, China's power industry will undergo nationwide technological renovations this year, which are designed to control pollution, increase economic returns and guarantee safe operations.