CHINA

The Three Gorges Dam hydroelectric project in China, once promoted as a major money-spinner for multinationals, is now turning out to be a liability for Beijing. The international financial agencies as well as private investors are steering clear of the project, which has been at the recieving end of a continuous stream of criticism from global environmental groups as well as human rights organisations.

The project, scream the detractors, will spell doom for the fragile ecosystem of the Three Gorges lake and cause untold misery for the thousands who would be displaced. The Chinese government, which hoped to sell 6 units of the project - the largest in the world - to overseas companies, is bereft of buyers. And it is being forced to look into alternatives at home.

According to latest reports, it has selected 2 domestic companies - Harbin Power Equipment Co and Dongfang Electric Equipment Co - to build most of the project's generators.