Public Private Partnership with Chinese Characteristics: A Critical Review and Theoretical Framework

The localization and generalization of the public–private partnership (PPP) is a controversial issue discussed in the research agenda of PPP. China has played a central role in global PPP development in recent years. This study reviews the policy and development of PPP in China through the lens of punctuated-equilibrium theory. A conceptual framework of China-type PPP, including projects, organizations, functions, policies, and governance, is then developed for analysis and interpretation through global comparisons. This study indicates the possibility of a “China model” in PPP due to China’s distinct evolutionary process, characteristics, and representative PPP, but requires further extraction, summarization, and enrichment with sustainable development. In addition, the “China model” will have a potential peer-level value for other emerging markets.