ECONOMICS UNIQUENESS

158 ■ THE ECONOMICS OF UNIQUENESS
BOX 6.4
Historic Moon Lake Is a Valuable Asset for Greater
Ningbo in China
China, Zhejiang Multicities Development Project (Project number 003473)
Total Project Cost: US$231 million
Total Loan Amount: US$110 million
Approved: March 1993 – Closed: May 2003
In planning for an infrastructure upgrading project in the historic city core
of Ningbo, a policy discussion with city offi cials raised their awareness and
increased their commitment to conserving the historic city core, especially its
centerpiece: the Moon Lake. The lake and its surrounding public space—with
shaded walkways, benches, and playgrounds—is a valuable urban oasis in
an extremely dense city. Originally, the city’s plans for the lake’s development
were to sweep away all existing buildings and landscaping on its east bank
and replace them with high-rise apartment blocks. However, over the course
of project preparation, Ningbo’s planners began emphasizing conservation
and recreational use of the lake. Today, the historic lakefront is a focal point for
relaxation for Ningbo’s residents, contributing to maintaining the relevance and
attractiveness of the historic core for the city at large. The lake acts as a physical
link between the city core, historic neighborhoods, and commercial areas,
thereby connecting all the elements of a high-quality urban lifestyle for residents
and providing an attractive destination for tourists.
Source: Ebbe, K., and D. Hankey. Ningbo China: Cultural Heritage Conservation in Urban
Upgrading. Washington, DC: World Bank, 1999.
estate investments, or improvement in relations with the communities in the case
of private philanthropies. In principle, fi nancing mechanisms must be capable of
generating a mix of resources that will enable all those involved to contribute in
proportion to the benefi ts received and according to their particular interests. For
instance, fi nancing might combine a special fund from tax contributions to cover
the costs of conserving cultural heritage assets and public spaces, and resources
from real estate investors to fi nance profi t-making investments.
Th ese mechanisms may also allow private philanthropies to fi nd investment
niches that satisfy their charitable and public relations objectives; usually this
involves restoring buildings and public spaces valued by the communities, such
as historic and iconic monuments, museums, heritage housing, or traditional