BEIJING, Dec. 30 -- Two Chinese nuclear power giants on Wednesday concluded a deal on a joint venture to promote China's third-generation nuclear reactor design, Hualong One, in overseas markets technologies.

The Hualong international nuclear power technology company in Chinese, has a registered capital of 500 million yuan (77 million U.S. dollars), with China General Nuclear Power Group (CGN) and China National Nuclear Corporation (CNNC) each holding 50 percent of shares.

The Hualong One design is the country's third generation of nuclear reactor design for safer and more efficient operations that will be widely adopted in domestic nuclear power projects.

The two companies began R&D for Hualong One in 2013. In May 2015, construction on a pilot project using Hualong One started in Fuqing, southeast China's Fujian Province.

An agreement with Argentina was reached in November, guaranteeing the use of it in the fifth nuclear plant in Argentina, a key emerging market for Chinese companies.

In October, CGN and Electricite de France (EDF) signed a strategic investment agreement to build a nuclear power plant at Hinkley Point in the southwestern part of Britain.