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Do I need to go back to China to apply for a scholarship from the National Scholarship Fund Committee?
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According to the contents of the General Rules for the Selection of Overseas Students Supported by the National Fund for Studying Abroad, overseas students should return to China on schedule to fulfill their service obligations, and go through the formalities of reporting to the National Fund for Studying Abroad and refunding the deposit in time.

References:

20 16 general rules for the selection of overseas students funded by the national study abroad fund

Chapter VI Scheduling and Management

Fifteenth overseas students should return to China on schedule to fulfill their service obligations, and promptly report to the National Scholarship Fund Committee and go through the formalities for refunding the deposit.