Recently, the National Development and Reform Commission issued “Measures on the Special Management of Central Budget Investment” (hereinafter referred to as “Measures”) to formulate key regional development strategies (to promote comprehensive reform and opening up of Hainan). The Measures indicate that special investments are aimed at supporting the general, strategic and major major projects of the Hainan Free Trade Port, which reflect the main strategic intentions, the market cannot allocate resources efficiently, and the existing financing channels cannot support the Hainan Free Trade Port. The support area mainly includes projects such as environmental protection and restoration, the development of high-tech industries, tourism development, the closure of customs across the island and the prevention and control of other risks, basic infrastructure, public services and the construction of key functional platforms, which have an important supporting role in the construction of the Hainan Free Trade Port.
With regard to capital allocation, special investments are organized according to projects, and non-operational investment projects in fixed assets of central units (including central departments and their subordinate agencies, vertical management units and affiliated institutions) are mainly direct investments. For local investment projects, subject to the specific terms of the project, the local development and reform department should propose a proposed method of organizing financing in accordance with the relevant provisions of the Government Investment Regulation when applying for an investment plan at the headquarters.
With regard to non-performing projects of the central units (direct investment projects under the central budget), all investments are organized as investments within the central budget. Local non-operating projects should refer to existing special investment subsidy standards from the central budget to determine the subsidy ratio for projects in the same area; for projects without baseline standards, investments from the central budget should, in principle, be subsidized at a rate not exceeding 80% of the total investment. Existing projects that really need support should be subsidized in an amount not exceeding 10% of the total investment.
The "Measures" are designed to fully embody the spirit of the important speech and instructions of the Secretary General to promote the comprehensive deepening of reform and opening up in Hainan, and to implement the "Guiding Conclusions of the Central Committee of the Communist Party of China and the State Council for Supporting the Comprehensive Deepening of Reform and Opening of Hainan" and " Hainan Free Trade Port Common Construction Plan ”, faithfully implement the decision and deployment of the leading group to promote the comprehensive deepening of Hainan's reform and opening up.
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