Abstract: Analysis on afforestation cost,output,foreign exchange risk,and repay capacity of National Afforestation Project in Zhejiang Province indicates that sufficient capital input,adoption of advanced techniques and effective project management are essential to satisfied fulfillment of project.According to measuring and calculating,the growing stock of 5～7 year old masson pine trees was per hectare 142.5%～710.7% higher than that of ministry standard.It was estimated that 23 77 million RMB yuan/5 305 RMB yuan·hm-2 of NPV and 20.1% of IRR would be achieved cutting in 20 years after afforestation.The present over 10 year stand was 6 127 5～8 811 4 RMB yuan in NPV,19.0%～23.7% in IRR,and 5 1～8 0 in output input ratio after taxed.