The ministries of education and finance jointly?announced on Thursday to regulate funds for overseas study.

The management institutions of overseas study funds, including the China Scholarship Council and the Chinese Service Center for Scholarly Exchange, should have their own budget for revenue and expenditure, the regulation said.

The budget for expenditure should not exceed a ceiling set by the ministries of finance and education, the regulation said.

The regulation also mentioned that the two ministries will check the use of the funds periodically, and any misuse of the funds will be investigated and punished.