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Chinese companies seal country's first rainwater trading deal

Move could boost 'sponge city' initiative to combat droughts and floods

SHANGHAI -- Two Chinese companies have started trading in rainwater, the first commercialization of an unconventional resource in a move that authorities hope could support the country's "sponge city" projects.

Yuchuang Environment Engineering, a rainwater treatment company in Hunan Province, signed a deal to buy 4,000 cu. meters of water collected annually by Gaoxin Real Estate, another Hunan-based company, China Water Exchange announced on Dec. 16.

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