The Ministry of Finance ("MOF") has recently issued the Supplementary Circular on the Interim Administrative Measures for the China Economic Transformation and Institutional Capacity Building Project (the "Circular").
The Circular revises and improves some provisions of the Interim Administrative Measures for the China Economic Transformation and Institutional Capacity Building Project (the "Interim Measures"). Specifically, the "Administrative Measures for the Loans and Grants from International Financial Organizations and Foreign Governments (Order of the Ministry of Finance No.38)" in Articles 1 and 49 of the Interim Measures are revised to read "Administrative Measures for the Loans and Grants from International Financial Organizations and Foreign Governments (Order of the Ministry of Finance [2016] No.85)"; the "Department of International Affairs of the Ministry of Finance" in Articles 3, 29, and 37 of the Interim Measures is revised to read "Department of International Financial and Economic Cooperation of the Ministry of Finance"; and Article 23 of the Interim Measures is revised to read: "If the owner of a sub-project owner is unable to complete the sub-project in the required time period, it shall make a formal application for extension to the Ministry of Finance two months before the completion date of the sub-project as originally scheduled, and after the approval of the Ministry of Finance upon consultation with the World Bank, complete the relevant procedures". The Circular also makes revisions to Articles 22, 24, and 27 of the Interim Measures.