Three Gorges Dam Costs Less, Turns out More

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Last updated at: (Beijing Time) Monday, June 09, 2003

Three Gorges Dam Costs Less, Turns out More

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Some sectors of the Three Gorges Dam Project have cost less than anticipated in the original budget. Meanwhile, the authorities responsible for the grand project have promised a low expense for project construction, but a high output of electricity at a low price level.

Investment into the Three Gorges Dam Project is summarized into static and dynamic investment. Static investment for the largest water project in China, is estimated at over 11 billion US dollars. Dynamic investment, which varies with commodity price level, bank interest rates and currency rates, totaled 204 billion yuan, or about 25 billion US dollars in the original budget. But the actual figure is nearly 10 percent lower.

"Dynamic investment has dropped dramatically with China's stable commodity prices and low interest rate over the past few years. The project will cost a little less than what the budget says," said Guo Shuayan, director of The Three Gorges Dam Project Construction Commission.

Guo said that the water project will alleviate electricity shortages in China's economically developed areas in the east and south. The price level is to be maintained at 70 perecent of the nation's average. He says the project will not trigger price rises in China, and will pave the way for the formation of a nationwide electricity supply network in China.

The construction director said they are attempting to preserve all cultural relics at all costs, relocating some of them to higher ground. He said, "Our relocation plan includes all cultural relics that are confirmed by experts. We are excavating millions of square meters of cultural sites for relocation."

The cost of cultural relics preservation was initially put at 200 million yuan, or about 25 million US dollars, but the real expenses have tripled that figure.

The Three Gorges is home to tens of thousands of historical and cultural relics. Precious relics dated at thousands of years old have been uncovered in the area. Some of them have been relocated without any loss of their original features.

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