Measures for the Management of Projects Eligible for Investment Grants and Interest Subsidies within the Central Budget
Measures for the Management of Projects Eligible for Investment Grants and Interest Subsidies within the Central Budget
Measures for the Management of Projects Eligible for Investment Grants and Interest Subsidies within the Central Budget
Order of the National Development and Reform Commission of the People's Republic of China No. 38
December 29, 2025
The Measures for the Management of Projects Eligible for Investment Grants and Interest Subsidies within the Central Budget, which were deliberated on and adopted at the 26th Executive Meeting of the National Development and Reform Commission on December 26, 2025, are hereby promulgated and shall come into force as of March 1, 2026.
Zheng Shanjie, Chairman
Measures for the Management of Projects Eligible for Investment Grants and Interest Subsidies within the Central Budget
Chapter I General Provisions
Article 1 The Measures for the Management of Projects Eligible for Investment Grants and Interest Subsidies within the Central Budget (hereinafter referred to as the "Measures") are formulated in accordance with the Opinions of the CPC Central Committee and the State Council on Deepening the Reform of the Investment and Financing System, the Decision of the State Council on Reforming the Investment System, the Regulations on Government Investment, and the Administrative Regulations on the Approval and Record-filing of Enterprise Investment Projects in order to standardize the management of projects eligible for investment grants and interest subsidies within the central budget, improve the efficiency of the use of such grants and subsidies, and strive to promote high-quality investment development.
Article 2 The Measures shall apply to the management of projects for which central budgetary investment is allocated in the form of investment grants and interest subsidies.
Article 3 For the purposes of the Measures, "investment grants" refer to central budgetary investment allocated by the National Development and Reform Commission (hereinafter referred to as the "NDRC") to provide investment grants to eligible for-profit investment projects. For the purposes of the Measures, "interest subsidies" refer to central budgetary investment allocated by the NDRC to provide interest subsidies to eligible for-profit investment projects that use loans or other interest-bearing funds.
For the purposes of the Measures, "for-profit investment projects" include enterprise investment projects and government investment projects invested in by local governments through capital injection.
Investment grants and interest subsidies shall be allocated on a project basis and constitute gratuitous inputs.
Article 4 Investment grants and interest subsidies shall be directed toward projects in the public sector requiring government support in areas where the market cannot effectively allocate resources, including social public services, public infrastructure, agriculture and rural development, ecological and environmental protection, major scientific and technological advancement, social governance, and national security.
The NDRC shall establish and improve a mechanism for evaluating and adjusting the scope of support covered by investment grants and interest subsidies, and shall continuously optimize the direction and structure of such support.
Article 5 The allocation of investment grants and interest subsidies shall align with major national strategies, plans, and significant guidelines and policies, balance various policy objectives related to national economic and social development, safeguard and improve comprehensive economic, social, and ecological benefits, and fully leverage their guiding and driving role in stimulating social investment.
Article 6 The NDRC shall, in accordance with the requirements and priorities of national macroeconomic regulation, follow the principles of scientific decision-making, standardized management, performance orientation, and openness and transparency, coordinate the allocation of investment grants and interest subsidies, and treat all types of investors equally without setting discriminatory conditions. Preferential treatment shall be appropriately given to investment projects in underdeveloped areas, old revolutionary base areas, areas with large ethnic minority populations, and border areas.
Article 7 The allocation of central budgetary investment in the form of investment grants and interest subsidies shall be governed by management measures or work plans that are formulated separately for each special-purpose project. These measures or plans shall mainly specify the objectives, tasks, implementation timelines, the scope of support covered by investment grants and interest subsidies, fund allocation methods, work procedures, supervision, and management.
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Order of the National Development and Reform Commission of the People's Republic of China No. 38
December 29, 2025
The Measures for the Management of Projects Eligible for Investment Grants and Interest Subsidies within the Central Budget, which were deliberated on and adopted at the 26th Executive Meeting of the National Development and Reform Commission on December 26, 2025, are hereby promulgated and shall come into force as of March 1, 2026.
Zheng Shanjie, Chairman
Measures for the Management of Projects Eligible for Investment Grants and Interest Subsidies within the Central Budget
Chapter I General Provisions
Article 1 The Measures for the Management of Projects Eligible for Investment Grants and Interest Subsidies within the Central Budget (hereinafter referred to as the "Measures") are formulated in accordance with the Opinions of the CPC Central Committee and the State Council on Deepening the Reform of the Investment and Financing System, the Decision of the State Council on Reforming the Investment System, the Regulations on Government Investment, and the Administrative Regulations on the Approval and Record-filing of Enterprise Investment Projects in order to standardize the management of projects eligible for investment grants and interest subsidies within the central budget, improve the efficiency of the use of such grants and subsidies, and strive to promote high-quality investment development.
Article 2 The Measures shall apply to the management of projects for which central budgetary investment is allocated in the form of investment grants and interest subsidies.
Article 3 For the purposes of the Measures, "investment grants" refer to central budgetary investment allocated by the National Development and Reform Commission (hereinafter referred to as the "NDRC") to provide investment grants to eligible for-profit investment projects. For the purposes of the Measures, "interest subsidies" refer to central budgetary investment allocated by the NDRC to provide interest subsidies to eligible for-profit investment projects that use loans or other interest-bearing funds.
For the purposes of the Measures, "for-profit investment projects" include enterprise investment projects and government investment projects invested in by local governments through capital injection.
Investment grants and interest subsidies shall be allocated on a project basis and constitute gratuitous inputs.
Article 4 Investment grants and interest subsidies shall be directed toward projects in the public sector requiring government support in areas where the market cannot effectively allocate resources, including social public services, public infrastructure, agriculture and rural development, ecological and environmental protection, major scientific and technological advancement, social governance, and national security.
The NDRC shall establish and improve a mechanism for evaluating and adjusting the scope of support covered by investment grants and interest subsidies, and shall continuously optimize the direction and structure of such support.
Article 5 The allocation of investment grants and interest subsidies shall align with major national strategies, plans, and significant guidelines and policies, balance various policy objectives related to national economic and social development, safeguard and improve comprehensive economic, social, and ecological benefits, and fully leverage their guiding and driving role in stimulating social investment.
Article 6 The NDRC shall, in accordance with the requirements and priorities of national macroeconomic regulation, follow the principles of scientific decision-making, standardized management, performance orientation, and openness and transparency, coordinate the allocation of investment grants and interest subsidies, and treat all types of investors equally without setting discriminatory conditions. Preferential treatment shall be appropriately given to investment projects in underdeveloped areas, old revolutionary base areas, areas with large ethnic minority populations, and border areas.
Article 7 The allocation of central budgetary investment in the form of investment grants and interest subsidies shall be governed by management measures or work plans that are formulated separately for each special-purpose project. These measures or plans shall mainly specify the objectives, tasks, implementation timelines, the scope of support covered by investment grants and interest subsidies, fund allocation methods, work procedures, supervision, and management.
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