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Research Series on the Chinese Dream
and China’s Development Path

Tianyi Wang · Zhifeng Han ·

Yongheng Yang · Shouqing Wang ·
Kaimeng Li Editors

Annual Report
on The Development
of PPP in China
Research Series on the Chinese Dream
and China’s Development Path

Series Editors
Yang Li, Chinese Academy of Social Sciences, Beijing, China
Peilin Li, Chinese Academy of Social Sciences, Beijing, China
Drawing on a large body of empirical studies done over the last two decades, this
Series provides its readers with in-depth analyses of the past and present and
forecasts for the future course of China’s development. It contains the latest
research results made by members of the Chinese Academy of Social Sciences. This
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understanding of the development model, path and experience unique to China.
Thanks to the adoption of Socialism with Chinese characteristics, and the
implementation of comprehensive reform and opening-up, China has made
tremendous achievements in areas such as political reform, economic development,
and social construction, and is making great strides towards the realization of the
Chinese dream of national rejuvenation. In addition to presenting a detailed account
of many of these achievements, the authors also discuss what lessons other
countries can learn from China’s experience.

Project Director

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Academic Advisors

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Tianyi Wang Zhifeng Han
• •

Yongheng Yang Shouqing Wang

• •

Kaimeng Li
Editors

Annual Report
on The Development
of PPP in China

123
Editors
Tianyi Wang Zhifeng Han
Center for Public-Private Partnership Investment Division of National
Tsinghua University Development and Reform
Beijing, China Commission (NDRC)
Beijing, China
Yongheng Yang
Center for Public-Private Partnership Shouqing Wang
Tsinghua University Center for Public-Private Partnership
Beijing, China Tsinghua University
Beijing, China
Kaimeng Li
China International Engineering
Consulting Corporation
Beijing, China

ISSN 2363-6866 ISSN 2363-6874 (electronic)

Research Series on the Chinese Dream and China’s Development Path
ISBN 978-981-15-5723-1 ISBN 978-981-15-5724-8 (eBook)
https://doi.org/10.1007/978-981-15-5724-8
Jointly published with Social Sciences Academic Press
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Editorial Board Members

Wang Tianyi
Han Zhifeng
Yang Yongheng
Wang Shouqing
Li Kaimeng
Liu Shijian
Cao Rong
Wang Yingying
Song Wenjuan
Yang Xiaolu
Gong Pu
Ren Huaiyi
Wang Kangkang

v
Contents

1 Promoting Healthy and Sustainable Development of PPP

in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Yongheng Yang, Yingying Wang, Shouqing Wang, and Qiang Wang
2 Establishment of PPP Body of Knowledge in China . . . . . . . . . . . . 25
Shouqing Wang, Min Pang, and Yingying Wang
3 Key Points and Suggestions for Implementing the PPP Mode
in Urbanization Field . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Guilian Luo
4 A New Exploration on Infrastructure Investment
and Financing Mode . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Shijian Liu
5 Development and Practice Frontiers of PPP in Typical
Countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
Tianyi Wang
6 Application and Development of PPP in Public Culture
Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105
Wenjuan Song, Yingying Wang, and Pu Gong
7 Application and Development of PPP Mode
in Sports Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
Rong Cao
8 The Application and Development of PPP Mode in Hospital,
Medical and Elderly Care Service Industries . . . . . . . . . . . . . . . . . 145
Mei Tong
9 The Development of PPP in Environmental Protection
in the New Stage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157
Tao Xue and Hui Guo

vii
viii Contents

10 Application and Development of PPP in Urban Rail Transit

Industry (2017–2018) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173
Hongneng Chen and Qingliang Xiao
11 Practice and Development Outlook of Financial Institutions
Participating in PPP—Comparative Analysis of PPP Financing
Modes at Home and Abroad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183
Yun Zhang and Xinbo Zhao
12 The Status-Quo and Problems of PPP Refinancing . . . . . . . . . . . . . 199
Jifeng Zhang
13 Allocation of Major Risk of PPP Project
Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
Fei Liu, Yifei Wu, Lv Han, and Xiang Yu
14 Analysis of the Implementation and Application of PPP
Project + Resource Compensation Bundling . . . . . . . . . . . . . . . . . . 225
Hao Jin and Lin Tang
15 2013–2018 PPP Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239
Yang Xiaolu
Introduction of Major Authors

Wang Tianyi Chief Executive Officer of China Everbright International Ltd.

(a Hong Kong listed corporation), Chairman of China Everbright Water Ltd.
(a Singapore and Hong Kong listed company), Chairman of China Everbright
Greentech Ltd. (a Hong Kong listed corporation). Mr. Wang is currently the
Co-director of the Center for Public–Private Partnership at Tsinghua University
(TUPPP) and a Professor of Tsinghua University. He is a member of the China
Council for International Cooperation on Environment and Development
(CCICED), a member of Advisory Committee of the BRI International Green
Development Coalition (BRIGC) and the Vice-Chairman of China Ecological
Civilization Research and Promotion Association(CECRPA). Mr. Wang is also a
member of the PPP Business Advisory Board of United Nations Economic
Commission for Europe (UNECE) and a member of Advisory Committee of China
Business Research Center of National University of Singapore.
Han Zhifeng Deputy Director of Investment Division of National Development
and Reform Commission (NDRC), member of the leading group of TUPPP.
Mr. Han graduated from the Department of Economics and Management of Peking
University and the Department of Investment of Graduate School of Chinese
Academy of Social Sciences successively and got his Ph.D. in economics. He has
been engaging in investment management for a long period and has accumulated
rich theoretical and practical experience in areas such as strengthening and
improving macro-regulation of investment, deepening the reform of investment and
financing mechanisms, encouraging and promoting private investment as well as
promoting PPP. He participated in the drafting of many important documents
including Decision of the State Council on Reforming the Investment System (No.20
[2004], SC,), Several Opinions of the State Council on Encouraging and Guiding
the Healthy Development of Private Investment (No.13 [2010], SC) and Guiding
Opinions of the State Council on Innovating the Investment and Financing
Mechanisms in Key Areas to Encourage Social Investment (No. 60 [2014], SC) as a
major drafter. He advocates establishing reasonable return mechanisms of PPP
projects, encourages social capital to participate in PPP projects and tries to

ix
x Introduction of Major Authors

promote the asset securitization of PPP projects. He organizes the appraisal and
election of typical PPP projects for many times and keeps strengthening interna-
tional communication of PPP to promote the standardized and steady development
of PPP in China.
Yang Yongheng Ph.D. of City University of Hong Kong, Professor and Associate
Dean of School of Public Policy and Management of Tsinghua University,
Executive Associate Dean of China Institute for Development Planning at Tsinghua
University and Executive Director of TUPPP. Prof. Yang mainly engages in
research on basic theories and application policies in areas like development
strategy and planning, public services and management, government performance
appraisal as well as public governance and institution design. He has published
12 academic articles in international journals, over 70 Chinese academic articles,
4 academic monographs and translated 7 works. His academic achievements have
been cited for over 4,000. Prof. Yang is the leading expert of the major projects of
National Social Science Fund and the winner of National Science Fund for
Excellent Young Scientists by National Natural Science Foundation of China, and
he was awarded New Century Excellent Talents by Ministry of Education. Prof.
Yang is also the Deputy Director of the Expert Committee of Building Public
Culture Service System of Ministry of Culture and Tourism, member of the Expert
Committee on Cultural Reform and Development Planning during the 13th
Five-Year Plan Period and member of the Expert Consultative Committee of
Service Industry of NDRC.
Dr. Wang Shouqing Professor of the Department of Construction Management of
Tsinghua University, Chief Specialist of TUPPP, Director of PPP Lab of Hang
Lung Center for Real Estate of Tsinghua University, Chairman of Academic
Committee of the Chinese Universities PPP Forum. He is one of the two leading
experts for legislation of the China Concession Law for Infrastructure and Public
Utilities (draft edition), PPP Expert of NDRC, PPP Expert of Ministry of Finance,
Chinese representative of the EU-Asia PPP Network, Advisory Board Member
of the International Journal of Project Management and Project Management
Journal, etc. He has been focusing on the teaching, research and promotion of PPP
for 24 years and has published over 400 papers and books. He is Elsevier’s Most
Cited Chinese Researchers for six successive years (2014–2019) and is honored as
“Godfather of China’s PPP.”
Li Kaimeng Director General of the Research Centre of China International
Engineering Consulting Corporation(CIECC), and the Expert Obtaining the Special
Governmental Allowance from the State Council of China, and the Research
Professor Granted by NDRC, Vice President of the China Society of Technology
and Economics. Dr. Li is also the member of PPP Expert Committee of the National
Development and Reform Commission of China, Secretary-general of the
Technology and Economics Committee of China National Association of
Engineering Consultants, Secretary-general of China PPP Consultant Forum,
Vice-Chairperson of the Bureau of Working Party on Public–Private Partnerships of
Introduction of Major Authors xi

UNECE Intergovernmental Bodies, the Team Leader of UNECE Urban Rail

Transit PPP Standard Preparation, the Vice-Chairman of the Concession Specialists
Committee of China Tendering & Bidding Association, Peer-reviewed Expert for
the Prizes of Outstanding Research Achievements within the National and
Provincial Development and Reform Commission (DRC) System of China,
Vice-Chairman of the Expert Committee on the National Quality Project
Authorization of the Investment Association of China, and the Research Professor
of the Think Tank Alliance for the central government-owned enterprises under the
SASAC of the State Council of China, Consulting Expert for World Bank, Asia
Development Bank and other international organizations. Dr. Li is also the member
of the Expert Committee of Tsinghua University PPP Research Center, Visiting
Scholar of Stanford University in USA, Ph.D. of Economics from China Renmin
University Major in Population, Resource and Environmental Economics, Master
of Economics from Nankai University of China, Bachelor of Science from
Zhengzhou University of China.
Chapter 1
Promoting Healthy and Sustainable
Development of PPP in China

Yongheng Yang, Yingying Wang, Shouqing Wang, and Qiang Wang

Abstract This article first elaborates on the four development stages of PPP develop-
ment in China: the exploratory and experimental stage before 2002, steady promotion
in 2003–2008, fluctuation in 2009–2013, and universal promotion since 2014. Then
this article analyses China’s accomplishments in PPP undertaking from four aspects
comprised of institution improvement, regulation measures, model innovation, and
implementation status. However, the PPP undertaking in China still faces a series
of critical issues and challenges, including the imperfect legal system, cognitive
discrepancy, inefficiency in management system, overemphasis on fundraising and
less emphasis on operation, indifferent reaction of private sector, lagging in govern-
ment’s capability building, etc.. In the end, this article proposes six suggestions for
the improvement of sustainable development of PPP undertaking in China based on
the current situation.

Keywords PPP · Project · Sustainable development · China introduction

Y. Yang (B)
School of Public Policy and Management, Tsinghua University, Beijing, China
e-mail: [email protected]
Y. Yang · Y. Wang · S. Wang
PPP Research Center, Tsinghua University, Beijing, China
e-mail: [email protected]
S. Wang
e-mail: [email protected]
Y. Wang
Public Management, Tsinghua University, Beijing, China
S. Wang
Department of Construction Management, Tsinghua University, Beijing, China
Q. Wang
Strategic Planning Department, Shanghai Chengtou Group Corporation, Shanghai, China
e-mail: [email protected]

© Social Sciences Academic Press and Springer Nature Singapore Pte Ltd. 2020 1
T. Wang et al. (eds.): Annual Report on The Development of PPP in China, Research
Series on the Chinese Dream and China’s Development Path,
https://doi.org/10.1007/978-981-15-5724-8_1
2 Y. Yang et al.

Benchmarking PPP Procurement Assessing Government Capability to Prepare ·

Procure and Manage PPPs 2017 · PPIAF

1.1 Introduction

The Public-Private Partnership (PPP), also known as “partnership between govern-

ment and social capital parties” in China, is a type of market-oriented mechanism for
infrastructure construction and public services provision (Savas 2000). It is an innova-
tive mode for enterprises and social forces’ participation in infrastructure construc-
tion and public services provision, as well as an embodiment of the supply-side
structural reform in the field of public goods supply (Yang et al. 2013).
Under the PPP mode, the government and the social capital parties enter into
a long-term partnership featuring complementary advantages, shared benefits and
shared risks (Wang et al. 2000). The government contractually engages social capital
parties to perform its responsibility on infrastructure and public services, which
should have been provided by the government. Introduction of the PPP mode, on
the one hand, will help encourage various market players and private entities’ partic-
ipation to supply the public goods, solve the shortage of public funding and ease
the demand-supply imbalance of public goods. On the other hand, PPP also helps
introduce competition mechanism and corporate management practices to the field
of public goods and services provision, thereby improving the efficiency and level
of public goods supply. The investment, construction and operation of infrastructure
and public services under the PPP mode have increasingly become an innovative
step to promote and improve the supply of public goods in China.
PPP application does not start late in China. As early as the beginning of the
reform and opening up in 1980s, there were traditional PPP modes such as BOT
(Build-Operate-Transfer), TOT (Transfer-Operate-Transfer) and concessions. The
PPP application in China’s infrastructure sector has roughly experienced four stages:
in 1984 the pilot projects were initiated by foreign investors and promoted by the
national ministries; in 2003 PPP was scaled up steadily by local governments across
the country; in 2009 “the public sector forged ahead while the private sector fell
behind” in the wake of the international financial crisis; and in 2014 PPP began its
explosive growth (TUPPP 2017). The development of PPP in China plays an increas-
ingly important role in innovating the system and mechanism of public service supply,
relieving the financial pressure of local governments, pushing the development of
the private-sector in economic field and giving a boost to the Belt and Road Initia-
tive. Still, the new round of PPP development faces a series of challenges, including
disparities in understanding of PPP, too many “pseudo-PPP projects”, too focus on
financing and construction vs less focus on operation, low involvement of private
enterprises and lagging in government capability and institutional building. To some
extent, those challenges restrict the sustainable development of PPP in China. This
report reviews each stage of PPP development in China, analyses and discusses the
achievements, existing problems and future trends of PPP.
1 Promoting Healthy and Sustainable Development of PPP … 3

1.2 History and Overview of PPP Development in China

Since the reform and opening-up, China’s PPP development has undergone various
stages under the influence of international economic development and national
policies, showing different characteristics.

1.2.1 Stage of Spontaneous Exploration (Before 2002)

Before 2002, following the reform and opening-up, especially the reform of the
market economy system, PPP development in China showed the characteristic of
project-driven policy making. Beginning from studying international practices to
trying localization of international practice, the successful experiences and docu-
mentation outputs are still in wide use today, including cooperation mode, business
boundaries, contract system and legal relationship, which have had a profound effect
on subsequent PPP development and reform in China.
Projects at this stage showed the following characteristics: (1) the application field
focused on transportation, energy, water and environment; (2) the early phase was
dominated by foreign investment, and the involvement of foreign investors and the
mode of international operation played a role in introducing advanced technology
and management practices to China to some extent. In the late phase, state-owned
enterprises and private enterprises were main players, which promoted the localiza-
tion of PPP projects; (3) the preliminary planning and investment promotion stage
of PPP projects were well regulated and featured long duration, high cost and strong
technical barriers, restricting the large-scale application of PPP.
As the practicing and understanding of the market economy system went deeper,
PPP projects launched by national ministries and local governments were gradually
recognized among market players. At this stage, the PPP projects were highly valued
by the state. The design of PPP deal structure, the organization of bid solicitation
and evaluation and the compilation of contract documents were repeatedly discussed
and verified by various parties involved, which are of great innovative significance
in many aspects. Some PPP projects even delivered better quality and results than
many current PPP projects. However, the vast majority of PPP projects at this stage
adopted the BOT mode. The social capital parties’ income was not closely linked
to their operation performance, even the local governments had no idea about the
concept of “performance assessment” although operation was included in the process.

1.2.2 Stage of Active Promotion (2003–2008)

From 2003 to 2008 with rapid economic growth and urbanization in China, PPP
development showed the characteristics of active promotion by the government and
4 Y. Yang et al.

positive response from the market. PPP was applied in many projects with a buildup
in experience. It was widely used in municipal facilities, transportation, park devel-
opment and other major public projects. The PPP projects at this stage are mainly
concession projects that are commercial in nature and paid by users. At that time the
“government-pay” mechanism for non-commercial projects was not yet established,
so there were few government-purchased service projects. The concession projects
vigorously developed at this stage provided samples and inputs for future PPP-related
legislation, concept establishment, mode improvement, boundary demarcation, and
professional capacity building for government agencies and business entities in
China.
Projects at this stage showed the following main characteristics: (1) The PPP
mode was mainly applied to municipal utilities, including water supply, wastewater
treatment, solid waste treatment and heating. Wastewater treatment projects were in a
dominant position. (2) With regard to the types of social capital parties, foreign enter-
prises, state-owned enterprises and private enterprises co-existed. Foreign enterprises
took up a larger proportion initially, but their weight gradually shrank in the late phase,
with private enterprises and state-owned enterprises dominating the market. Espe-
cially in 2007 or so, rethinks and debates emerged on the impact of high-premium
asset transfer on water price in the water supply sector, showing the mild trend that
“the public sector forged ahead while the private sector fell behind”. (3) Large-scale
selection of investors through open bidding effectively reduced the cost, improved
the efficiency and standardized the operation mode. Meanwhile, the local govern-
ment had more discretion to avoid black-box operation and better safeguard public
interests. (4) Relatively mature implementation procedures, contract documents and
operation mode were established for PPP projects, giving a boost to the extension
and implementation of PPP projects. The most influential PPP projects at this stage
were the Beijing National Stadium (Bird’s Nest) and Beijing Metro Line 4 (Hao et al.
2012).
With China’s market economy system improved, the PPP mode reform, typi-
cally in municipal utilities, was progressing in a spiral amid controversies, including
successive implementation of projects and continuous innovation in modes. Overall,
local governments generally accepted the concepts and philosophies of such PPP
modes as BOT and concession in the field of municipal utilities, paying more atten-
tion to how to achieve openness and transparency, improve operational efficiency,
and promote a fairer pricing mechanism.

1.2.3 Stage of Volatile Development (2009–2013)

The 2008 financial crisis reshaped the global financial landscape and had a
great impact on the PPP development in China. In response to the crisis, the
Chinese government launched an RMB4 trillion investment package in 2009. The
government-led injection of massive public and credit funds into the infrastructure
field posed a huge challenge to project financing, construction and operation under the
1 Promoting Healthy and Sustainable Development of PPP … 5

PPP mode. Many preexisting PPP projects directly shifted from PPP to governmental
investment, having a serious crowding-out effect on private-sector capital.
PPP projects at this stage showed the following characteristics: (1) SOEs (state
owned enterprises) were favored by local governments and banks for their strong
capacity, high credit rating and backing from government resources. SOEs domi-
nated infrastructure projects under BOT, BT (Build-Transfer) and other PPP modes.
PPP projects at this stage principally featured partnership between the government
and SOEs. (2) With the sharp expansion of capital demand and the maturing of
financial market, diverse financing channels for PPP projects emerged, such as IPO
(Initial Public Offering), enterprise bonds and trusts. (3) The BT mode featuring
short duration, low cost and high performance catered to the government’s urgent
need to implement projects and increase investment, thus applied widely. However,
BT also led to a surge in government debts and became the main cause for the subse-
quent debt burden of local governments. Therefore, the central government issued
the Notice on Stopping Illegal Financing by Local Governments (Caiyu No. [2012]
463) banning the use of BT.

1.2.4 Stage of Pervasive Application (2014 to 2017)

Since 2014, PPP has entered the stage of pervasive application in China. The govern-
ment has promoted the legislation, standardization and informatization of PPP in a
top-down manner and achieved multi-party governance and cooperative production
through mixed competition, in order to normalize PPP. China’s PPP at this stage might
be viewed as “one of the world’s miracles”. The coverage, quantity and investment
scale of PPP projects were unrivaled when compared with any other country, or
any other phase of history worldwide. On the positive side, PPP became the third
governance method to solve the failure of both government and market, with the rapid
buildup in experience and insight in a short period of time and the deepening of under-
standing. On the negative side, PPP, though not suitable for quite a part of infrastruc-
ture, was pervasively applied to infrastructure before full preparedness in all respects.
On the one hand, due to the complicated process, high threshold and long duration of
PPP, most infrastructure projects cannot be implemented in a timely manner, having
an adverse effect on local economy. On the other hand, as China lagged behind in
the institutional and capacity building in PPP, local governments used PPP mostly
as an alternative of local government financing vehicle (LGFV), resulting in a large
number of “pseudo-PPP” projects intended primarily for financing, likely to form
unreasonable new government debts and trigger financial risks. Therefore, the state
pushed for the legislation, standardization and informatization of PPP and issued
documents to thoroughly investigate and rectify pseudo-PPP, which were all timely
measures to boost sustainability of PPP.
This stage saw unprecedented intensity and breadth of PPP application across
the country as well as frequency of relevant policy launches. Projects at this stage
showed the following characteristics: (1) The implementation of PPP projects was
6 Y. Yang et al.

encouraged and facilitated with all-out efforts; (2) PPP-related policies were contin-
uously improved, with a series of policy documents in place to institutionally assure
a well-regulated PPP industry and facilitate sound development of the PPP mode;
(3) the “one-sided” promotion of PPP at this stage resulted in too many projects and
gave rise to such problems as disguised financing and false PPP projects, which did
not achieve the government’s goals of reducing debts and improving efficiency.

1.3 Main Achievements of PPP Development in China

1.3.1 Achievements in PPP Policy Innovation

and Institutional Building

The Legislative Affairs Office of the State Council announced the Regulations on
Public-Private Partnership in Infrastructure and Public Services (Exposure Draft)
(the “Draft PPP Regulations”) on 21 July 2017, marking a major progress in China’s
PPP legislation and law-based PPP governance. If the formal edition is issued, it will
help promote the standardized operation of PPP projects, urge the government to
perform its obligations and protect public interests and the legitimate rights and inter-
ests of social capital parties. The Draft PPP Regulations, issued amid the complexities
in PPP management and operation, reflected the wisdoms and hardships of the lead
entities for legislation and relevant agencies. Many contents of the draft policy are
worth applauding, with the brightest highlights outlined below: The purpose of the
Draft PPP Regulations is clarified as “regulating” PPP, other than “promoting” PPP.
In particular, it weakens the financing function of PPP, reiterates that the goal of PPP
is to improve the quality and efficiency of public service supply and emphasizes the
operational responsibility of social capital parties in the field of public services. This
draft policy is conducive to solving the problem that “financing and construction
overweighs operation” in current PPP development, so as to bring PPP back to track
and achieve the healthy and sustainable development of PPP.

1.3.2 Strengthened PPP Supervision

The Ministry of Finance (MOF) set up an integrated PPP information platform in

late 2015, including PPP-related project pool, expert pool, consulting agency pool
and other nationwide information. Relying on the online approval and supervision
platform for investment projects, the National Development and Reform Commission
(NDRC) added PPP-related modules to the online approval and supervision platform
for investment projects and launched its PPP project information platform in 2016.
In addition, relevant state policies also encourage positive response to and inno-
vation in the PPP mode across the financial sector. The government has taken a
1 Promoting Healthy and Sustainable Development of PPP … 7

wide spectrum of measures for thriving PPP. The government has issued a series
of policies on financing, including PPP asset-backed securitization (ABS), special-
purpose government bonds, insurance capital plan, structured financing and other
modes. Such moves represent active explorations to expand financing channels for
involving social capital parties in PPP projects and create divestment channels.
The issuance of financial supervision policies also has been strengthened to further
diversify investments in China’s capital market.

1.3.3 Exploration and Innovation in PPP Mode

PPP projects have become increasingly specialized, more mature in mode and more
accurate in calculation. There are two main modes for PPP operation, namely,
concession and government-purchased services (Wang and Wang 2017).
Under concession mode, the government authorizes social capital parties or
project company, according to law, to invest, construct and operate PPP projects
within certain scope and period with a reasonable return, so as to provide public
services in the form of BOT, ROT (Renewal-Operate-Transfer), TOT (Transfer-
Operate-Transfer), and etc. The rights, obligations and risks are agreed between
the government and the social capital parties or project companies by contract. The
social capital parties or project company undertakes the funding, building and oper-
ation of a new or expanded PPP project in accordance with PPP project contract, or
undertakes the operation of an existing project with operation right transferred by
the government on a paid basis or free of charge when further investment is needed
for expansion or reconstruction. Upon expiration of the partnership period, the asset
and its auxiliary facilities and relevant documents will be transferred free of charge
to the government. Concession projects fall in the category of service outsourcing.
The focus of PPP mode design varies with industry, professional field and develop-
ment stage. For example, rail transit projects emphasize both building and operation,
municipal road projects feature building overweighs operation, while wetland park
projects are characterized by operation overweighs building. As to outsource service
package design, an appropriate mode should be selected based on the competition
level, the weights of building and operation among other factors.
Under government purchase of services, through a market mechanism, the quali-
fied social capital parties or project company are selected to undertake the financing,
building and operation of project, so as to provide public goods or services free (no
payment from users) conventionally provided by the government, and to hand over
the property and its auxiliary facilities and relevant documentation to the govern-
ment free of charge upon expiration of the partnership period. The government pays
reasonable fees to the social capital parties or the project company pursuant to the
PPP contract. For example, hospitals, elder care organizations, schools and nuclear
power plants are suitable for the mode of government purchase of services, i.e. the
government retains the core service functions while cooperating with social capital
parties through purchasing services.
8 Y. Yang et al.

1.3.4 Stabilizing Environment of PPP Development

In order to evaluate the PPP development environment in China in a scientific

and objective manner, Tsinghua University’s PPP Research Center has established
China’s PPP development environment evaluation system (including 33 indicators)
with four dimensions, namely government governance, fiscal support, business envi-
ronment and development demand. The Center also regularly compiles and publishes
the Chinese Cities’ PPP Development Environment Index targeted 289 cities at or
above the prefecture level, as a point of reference for local governments, social capital
parties and intermediary service providers. The index aims to provide better guid-
ance on the funding, building and operation of PPP projects and promote sustainable
development of PPP. The tables below show the scores and rankings of Chinese local
governments in terms of PPP development environment (TUPPP 2019).
PPP development environment refers to the mix of various conditions and factors
accompanying the entire lifecycle of a PPP project (spanning design, building, oper-
ation and delivery), including social factors, economic factors, political factors and
legal factors that affect the PPP project. It is also an important measure of the overall
competitiveness of a country or region Tan and Zhao (2019). These factors outline
an overall picture of whether and to what extent a country or region is suitable for the
PPP-based financing, building and operation of infrastructure and public services, and
provide reference for the government and social capital parties on decision making
about PPP mode, as well as guidance for local governments to improve their PPP
development environment. At present, the overall PPP development environment is
stabilizing in China, suggesting that the local governments have established their
awareness and capability for applying PPP mode.
Table 1.1 shows AAA cities. Among them, Ningbo was upgraded from AA in
2017 to AAA in 2018, and the other four cities retained AAA. However, AAA cities
feature a relatively weak development demand, generally rated B or BB, with the
remaining three dimensions rated AA or AAA.
Beijing is a city ranked among the top few by government capability, fiscal support
and business environment, indicating a very good PPP development environment.

Table 1.1 Cities with AAA environment of PPP development

S/N City name Rating Rating Government Fiscal Business Development
in 2018 in 2017 capability support environment demand
1 Beijing AAA AAA AAA AAA AAA B
Municipality
2 Hangzhou AAA AAA AA AA AAA B
City
3 Ningbo City AAA AA AA AA AA BB
4 Qingdao City AAA AAA AAA AA AA BB
5 Shenzhen AAA AAA AA AAA AAA B
City
1 Promoting Healthy and Sustainable Development of PPP … 9

However, the weakness of Beijing lies in its development demand. 2018 saw fewer
new PPP projects in Beijing than before, while the development demand was similar
to 2017 and remained weak.
Like Beijing, Hangzhou is rated among the top few by business environment, and
of the other three dimensions, government capability and fiscal support are also rated
as high, indicating a good PPP development environment. However, Hangzhou also
has a very weak development demand, which limits the PPP development in the city.
Ningbo is rated high in terms of government capability, fiscal support and busi-
ness environment. Ningbo shows balanced performance of the three dimensions
of PPP development environment, but its low development demand curtails PPP
development in the city.
Qingdao is rated high by fiscal support and business environment and also ranks
among the top few by government capability. It is the only one of the five AAA cities
showing the same government capability rating as Beijing. It means that Qingdao has
a very good PPP development environment and also possesses an edge in government
capability. But Qingdao has a low development demand rating, the most prominent
weakness among the five cities.
Shenzhen is rated among the top few by fiscal support and business environment,
like Beijing, and also enjoys a high rating of government capability. That means the
city has a relatively good PPP development environment, yet with a low development
demand.
Table 1.2 shows AA cities. The characteristics of PPP development environment
in these cities are that they do not have a very high rating in the three dimensions of
government capability, fiscal support and business environment, showing no remark-
able advantages, or that one of these dimensions has a very low rating in spite of
good ratings of the other two dimensions, showing a noticeable area of weakness.
However, in the rating of development demand, some cities show higher development
demand, which to a certain extent drives the development of PPP.

1.4 How PPP Serves the Belt and Road Initiative

In the context of global economic transformation, China’s Belt and Road Initiative
became a new starting line for its reform and opening-up and, what’s more, a win-
win move for boosting the economic growth of neighboring countries. The Belt and
Road Initiative is attracting great attention and participation from countries in the
region. The coordinated economic and social development of the Eurasian continent
will become an important part and pole of the global economic growth in the future.
According to statistics, the total investment in the core infrastructure fields of 66
countries and regions along the Belt and Road exceeded USD493 billion in 2016.
Since the Belt and Road Initiative was launched in 2013, total project investment in
the region has been on the rise with a compound annual growth rate (CAGR) of 33%,
and this trend is still continuing. Thus, the countries along the Belt and Road have
huge potential demand in infrastructure, which also provides broad room for the PPP
10 Y. Yang et al.

Table 1.2 Cities with AA environment of PPP development

S/N City name Rating Rating Government Fiscal Business Development
in 2018 in 2017 capability support environment demand
1 Changsha AA AA AA A AA BB
City
2 Changzhou AA AA A AA AA BB
City
3 Chenzhou AA AA AA A BBB A
City
4 Chengdu AA AA AA AA AA BB
City
5 Chongqing AA AA A A A BBB
Municipality
6 Dongying AA AA AA AA AA BB
City
7 Foshan City AA AA A AA AA B
8 Fuzhou City AA AA AA AA A BB
9 Ganzhou AA AA AAA A B AA
City
10 Guangzhou AA AA AA AA AAA B
City
11 Hefei City AA AA AA AA A BB
12 Huzhou City AA AA AA A AA BBB
13 Huizhou City AA AA A AA AA BB
14 Jinan City AA AA BBB AA AA BBB
15 Jining City AA AA AA AA A A
16 Jiaxing City AA AA AA AA AA BBB
17 Jiangmen AA A AA AA A BB
City
18 Kunming AA AA AAA AA BBB BB
City
19 Lhasa City AA AA BB AA BBB AA
20 Liaocheng AA A AA A A AA
City
21 Luoyang AA A AA A BBB A
City
22 Nanchang AA AA A A A BB
City
23 Nanjing City AA AA AA AA AA B
24 Nanning City AA A AA BBB A BBB
25 Nantong City AA AA A A AA BB
(continued)
1 Promoting Healthy and Sustainable Development of PPP … 11

Table 1.2 (continued)

S/N City name Rating Rating Government Fiscal Business Development
in 2018 in 2017 capability support environment demand
26 Quanzhou AA A AA BBB A BB
City
27 Xiamen City AA AA AA AAA AA B
28 Shanghai AA AA AA AAA AA B
Municipality
29 Shaoxing AA AA A AA AA BB
City
30 Suzhou City AA AA A AA AA B
31 Taizhou City AA AA AA AA AA BBB
32 Taizhou City AA AA A A AA BBB
33 Tangshan AA A AA BBB AA BBB
City
34 Tianjin City AA AA A AA AA B
35 Weihai City AA AA BBB AA AA BB
36 Weifang City AA AA AA AA A A
37 Urumqi City AA A AA AAA A B
38 Wuxi City AA AA BBB AA AA B
39 Wuhan City AA AAA AAA AA AA B
40 Xiangtan AA AA A A A A
City
41 Xiangyang AA A AA A A AA
City
42 Xuzhou City AA AA AA A A BBB
43 Yantai City AA AA AA AA AA BB
44 Yangzhou AA AA AA A AA BBB
City
45 Yibin City AA A AA BBB B AA
46 Yichang City AA AA AA A AA BBB
47 Yuxi City AA AA AA AA BBB AA
48 Yueyang City AA AA AA AA BBB BBB
49 Zhenjiang AA AA BBB A AA BBB
City
50 Zhengzhou AA AA BBB AA AA BBB
City
51 Zhoushan AA A BBB A AA BBB
City
52 Zhuhai City AA AA A AA AAA B
53 Zibo City AA A A AA AA BB
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knowledge seekers. We believe that every book holds a new world,
offering opportunities for learning, discovery, and personal growth.
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