MOF Distributes in Advance 2020 Budget of Special Funds for Local Scientific and Technological Development under the Guidance of the Central Government
The Ministry of Finance ("MOF") has recently issued the Circular on Distributing in Advance 2020 Budget of Special Funds for Local Scientific and Technological Development under the Guidance of the Central Government (the "Circular").
The Circular clearly states that the 2020 budget quota of special funds for local scientific and technological development under the guidance of the central government (Item Code: Z135050009017), with revenues itemized under the Item 1100246 "transfer payment revenues for joint fiscal duties on science and technology" as specified in 2020 Classification Items of Government Revenues and Expenditures and with expenditures itemized under the Item 206 "Scientific and Technological Costs"), for each province (autonomous region or municipality directly under the Central Government), is distributed in advance, adding that such special funds will be dedicated to financing the fundamental research, building of science and technology innovation bases, transfer and transformation of scientific and technological achievements, the establishment of the regional innovation framework, etc. in each province (autonomous region or municipality directly under the Central Government). The special funds will be allotted and used under the applicable procedures, at the start of the budget year 2020. The Summary Sheet of 2020 Budget of Special Funds for Local Scientific and Technological Development under the Guidance of the Central Government, annexed to the Circular, reveals that the 2020 budget quotas distributed in advance total CNY1.3895 billion, inclusive of CNY37.24 million to Beijing Municipality, CNY18.9 million to Shanghai Municipality and CNY65.10 million to Guangdong Province.