GUANGZHOU - The annual output value of China's civil nuclear technology application has exceeded 300 billion yuan ($43 billion).

Nuclear technology has been used in such areas as industry, agriculture, medical treatment and environmental protection, according to an ongoing international conference on the application of nuclear technology.

More than 400 organizations are directly involved in the research and development of civil nuclear technology.

"The annual output value of the application of nuclear technology accounts for about 0.4 percent of China's GDP, and there is still huge potential for development," said Yu Jianfeng with the China Nuclear Energy Association.

In less than 20 years, the value of nuclear technology application could expand to 1 trillion yuan, said Wang Naiyan with the Chinese Academy of Sciences.

"Most of the companies involved in the sector are medium- and small-sized ones," Wang said. "More private companies should be encouraged to enter the sector, and more favorable policies should be issued."