Abstract
Public-private partnership (PPP)-led infrastructure development has been crucial in China as it has in many other countries. However, several obstacles in the field tend to challenge its development. Based on survey responses from PPP practitioners and professionals in Hong Kong and mainland China, this study analyzes and ranks the key barriers to PPP projects. Our findings suggest that both groups classify the critical obstacles to PPP consistently, albeit with some divergences in ranking them. Reflecting mainly from the perspective of professionals, the study also proposes some suggestions for mitigating these obstacles, so it could contribute to the effective formulation of PPP and successful implementation of PPP-led infrastructure projects in China as well as elsewhere.
Highlights
Public-private partnerships (PPPs) have become popular with the advancement of project financing mechanisms
Given due consideration to theoretical foundations, this paper looks at the issues of PPP obstacles through the perspective of management
We evaluated the uniformity of ranking between the two study groups using the rank agreement factor (RAF), percentage rank agreement factor (PA) and rank agreement disagreement factor (PD): Percentage rank agreement, PA = 100 − PD
Summary
Public-private partnerships (PPPs) have become popular with the advancement of project financing mechanisms. A PPP is an alternative finance method aimed at overcoming the limitations of the public sector, as well as a way of enhancing efficiency in construction, operation and service delivery [1,2] This definition implies three main features—partnership, benefit sharing and risk sharing—to reduce the financial burden and other risks to the public sector through different models such as build, operate and transfer (BOT), build, transfer and operate (BTO), build, own and operate (BOO) and design, build, finance and operate (DBFO). These models are efficient in different ways in sustainable infrastructure development. The absence of clear contractual arrangements, resulting in weak governance, is one of many factors contributing to the failure of PPP projects [6]
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