On April 19, the National Development and Reform Commission issued the Special Administrative Measures for Central Budget Investment in Guangdong-Hong Kong-Macao Greater Bay Area Construction and Regional Integration Development in the Yangtze River Delta. The Measures clarify that special funds will be directly allocated to the project to support the construction of Guangdong-Hong Kong-Macao Greater Bay Area and the integrated development of the Yangtze River Delta region. Guangdong-Hong Kong-Macao Greater Bay Area Construction supports local government investment projects through direct investment arrangements. The integrated development of the Yangtze River Delta supports qualified government investment projects, and adopts direct investment or capital injection in accordance with relevant regulations.

Regarding the scope and direction of supporting Guangdong-Hong Kong-Macao Greater Bay Area's construction, the Measures clearly state that the scope of supporting Guangdong-Hong Kong-Macao Greater Bay Area's construction includes nine cities including Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing, giving priority to supporting the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone and the Hengqin Guangdong-Macao Deep Cooperation Zone. The main support directions include: scientific and technological innovation platform with prominent elements in Hong Kong and Macao, non-profit innovation and entrepreneurship platform for youth in Hong Kong and Macao invested by the government, colleges and universities jointly organized by the mainland and Hong Kong and Macao, infrastructure interconnection projects connecting the mainland and Hong Kong and Macao and their main supporting projects, and projects in other fields that are symbolic or significant to the construction of Guangdong-Hong Kong-Macao Greater Bay Area.

With regard to the scope and direction of support for promoting the integrated development of the Yangtze River Delta, the Measures clarify that the scope of support for the integrated development of the Yangtze River Delta includes Shanghai, Jiangsu, Zhejiang (including Ningbo) and Anhui, and the main support directions include: promoting the formation of a new pattern of regional coordinated development, innovating the system and mechanism of integrated development, and promoting a higher level of coordinated and open infrastructure interconnection, ecological environment protection and joint governance, and public service cooperation. Focus on supporting the construction of Anhui province and inter-provincial cooperation parks and inter-provincial adjacent areas.

The "Measures" clarify that this special fund will be supported by direct arrangement to the project. Guangdong-Hong Kong-Macao Greater Bay Area Construction supports local government investment projects through direct investment arrangements. The integrated development of the Yangtze River Delta supports qualified government investment projects, and adopts direct investment or capital injection in accordance with relevant regulations; Support qualified enterprise investment projects, and adopt investment subsidies or loan interest subsidies in accordance with relevant regulations.

The "Measures" stipulate that relevant projects shall refer to the current special support standards for investment in the central budget to determine the proportion of project support in similar fields. There are no special items to refer to. In principle, a single project shall be supported in the eastern, central and western regions (including the regions where the policies of the central and western regions are implemented mutatis mutandis), and shall not exceed 30%, 45% and 60% of the fixed assets investment (excluding the cost of land acquisition and demolition of the project) respectively. If the capital demand of local application is lower than the support amount calculated according to the above standards, it shall be determined according to the local application amount.

The Measures require that, under the overall planning of the Guangdong-Hong Kong-Macao Greater Bay Area Construction Leading Group Office and the Office of the Leading Group for Promoting the Integrated Development of the Yangtze River Delta, the projects with clear medium-and long-term planning schemes and annual work arrangements for the construction of Guangdong-Hong Kong-Macao Greater Bay Area and the integrated development of the Yangtze River Delta should be incorporated into the national online examination and approval supervision platform for investment projects (national major construction project library) and the three-year rolling plan in time, and relevant units should be organized to declare special funds according to the requirements for reporting investment plans in the annual central budget.