| Since the late 1970s, China began a gradual reform of the economic structure, China's utilities access to a greater development, but the reform process greatly lags behind other industries and the reform has not touch the traditional utility regulation. The inefficiencies of the utilities sector and the contradictions of the supply and demand still have not been solved. The transition of the utilities sector business model attracts the attention of the academic community and the whole society.Utility services and products is not completely the pure public goods, utilities products regardless of water, electricity and gas will show a certain degree of exclusive or competitive on certain aspects. The article discusses the efficiency supply of public goods from the government supply, the market supply and the volunteer supply.The special nature of the utility industry sector has decided its double efficiency standards, namely, the social goals and the economic goals. The economic efficiency and social efficiency must be balanced to achieve the maximum efficiency. The article will put property rights, corporate governance, government regulation, incentive mechanism and economic efficiency into a unified "4-diversion" framework and deeply analyses their organic and influential impact on the relationship and the key factors effecting China's urban public utilities operating efficiency.The institution changes brought about by the rapid development of China's economy, the heightened conflict between the supply and demand of the city utilities, the growing private capital, the development of the science and technology make it possible and necessary for the public utilities' reform. As the last bastion of the market-oriented reform, the market-oriented reform of the public utilities has achieved initial success. Its operating efficiency has improved, the supply and demand contradictions have eased, but the monopoly of the operation has not broken, the efficiency loss is still serious. The double efficiency standards of the utilities sector determine the dual goals of public enterprises, on one hand, it should pursuit the profit maximization, and on the other hand it should meet the requirements of the public interest. In order to achieve the greatest efficiency of the public utilities sector, our transformation of public utilities operating mode must be accelerated.As the state monopoly and the private monopolies have their own shortcomings, public-private cooperation system is the best mode selection of the public utilities from the perspective of the maximize efficiency. The government can use the operating efficiency and the pressure of competition of the private sector to improve the production efficiency and the technical efficiency of the utilities sector. At the same time the government can achieve the maximization of the public interest by regulating the private sector in public welfare targets through contracts norms. The private sectors can reduce the loss from the discretion of the regulatory agencies through the contract management, explore the self-development space in a stable legal environment and pursuit their own profits. In the long-term game between the government and the private sector, a stable long-term balance will be created to achieve the maximum operational efficiency of the public utilities sector.The public utilities transition mode based on the angle to maximize theefficiency------PPP, can be realized through the following channels: First, acceleratingdiversification reform of the property rights.Second, accelerating the reform of corporate governance structure of the public utilities sector. Third, improving the incentive and monitoring system design of the senior management staff of the public enterprises. Fourth,constructing a sound government regulatory system to increase the necessity and urgency of the government supervision in the market-oriented reforms. Fifth, improving the consumer's sovereignty to strengthen the consumer's awareness.
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