Based on the theory of water conservancy investment, according to the national and provincial new policies and requirements for reform of financial management system and adjustment of municipal and county-level financial security capacity in China, the existing problems are analyzed with regard to the management practice of infrastructure projects of water conservancy in Jiangsu Province, that is, the contribution of the current policies to construction of water conservancy infrastructure and the policy-oriented shortage during the 12^th Five-year Planning Period and their inadaptability to the goal of water conservancy construction and uncoordination with the adjustment of financial policies during the 13^th Five-year Planning Period. Some suggestions for the adjustment of investment subsidy policies at or above provincial level are proposed. Through case studies of investment projects of water conservancy infrastructure in Jiangsu Province during the 13^th Five-year Planning Period, variation of investment structure after adjustment of policies is evaluated, and some ideas for fund-raising are put forward.