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The rise of public-private partnerships in China

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  • Zhirong Jerry Zhao
  • Guocan Su
  • Dan Li

Abstract

This paper examines the rise of public-private partnerships in the longitudinal context of China’s infrastructure finance system since 1978. The system has been characterized by the use of alternative infrastructure finance, including land transfer fees, various types of indirect local government borrowing, and, more recently, the rise of public-private partnerships. While contributing significantly to the unprecedented infrastructure boom, alternative finance sources also raised concerns of fiscal sustainability in China. PPP cannot be an effective way to reduce local governments’ high reliance on debt financing. It is time for the country to develop a more balanced capital structure with ongoing funding support to keep up its long-term infrastructure development.

Suggested Citation

  • Zhirong Jerry Zhao & Guocan Su & Dan Li, 2018. "The rise of public-private partnerships in China," Journal of Chinese Governance, Taylor & Francis Journals, vol. 3(2), pages 158-176, April.
    • Handle: RePEc:taf:rgovxx:v:3:y:2018:i:2:p:158-176
    DOI: 10.1080/23812346.2018.1457297
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    Cited by:

    1. Li, Daniel Z. & Li, Zeren & Zhang, Qi, 2023. "Public investment as downward benefit distribution: Theory and evidence from China’s public–private partnership programs," Journal of Economic Behavior & Organization, Elsevier, vol. 211(C), pages 103-128.
    2. Bao, Helen X.H. & Wang, Ziyou & Wu, Robert Liangqi, 2024. "Understanding local government debt financing of infrastructure projects in China: Evidence based on accounting data from local government financing vehicles," Land Use Policy, Elsevier, vol. 136(C).
    3. Muhammad Noshab Hussain & Zaiyang Li & Abdul Sattar & Muhammad Ilyas, 2023. "Evaluating the impact of energy and environment on economic growth in BRI countries," Energy & Environment, , vol. 34(3), pages 586-601, May.
    4. Huanming Wang & Xiaoyun Sun & Yu Shi, 2024. "Commercial investment in public–private partnerships: the impact of government characteristics," Local Government Studies, Taylor & Francis Journals, vol. 50(1), pages 230-260, January.
    5. Lei Yang & Longji Hu & Yifan Li, 2024. "Institutional Environment, Institutional Arrangements, and Risk Identification and Allocation in Public–Private Partnerships: A Multilevel Model Analysis Based on Data from 31 Provinces in China," Sustainability, MDPI, vol. 16(15), pages 1-28, August.
    6. Jinlong Lin & Xiaoxiao Chen & Guiquan Yan, 2023. "How Smart City Construction Affects Digital Inclusive Finance in China: From the Perspective of the Relationship between Government and Large Private Capital," Sustainability, MDPI, vol. 15(11), pages 1-17, June.
    7. Muhammad Noshab Hussain & Zaiyang Li & Shaohua Yang, 2023. "Heterogeneous effects of urbanization and environment Kuznets curve hypothesis in Africa," Natural Resources Forum, Blackwell Publishing, vol. 47(2), pages 317-333, May.

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