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|Friday, February 23, 2001, updated at 19:23(GMT+8)|
First Deal on Water Property Rights Clinched in ChinaThe first deal on water property rights in China was clinched in east China's Zhejiang province recently.
Yiwu, a city in the lower reaches of Jinhuajiang River, bought the utilization rights of 49.999 million cubic meters of water in a single payment of 200 million yuan from Dongyang city in the upper reaches of the river.
Well known for its developed market of small-size merchandise throughout the country, Yiwu however is so short of water resources that it became a common practice for local residents to carry buckets of mineral water back home for drinking and cooking.
In contrast, Dongyang can spare 30 million tons of water a year after supplying its own demand.
Since there's no suitable site to build reservoirs, Yiwu started thinking about inducing water directly from Dongyang through canal.
Dongyang was satisfied with the suggestion, as it can earn a large sum of capital for infrastructure construction through selling its spare water for money.
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