Research On Policy Evolution Of Chinese Public-Private-Partnership Based On Econometric Analysis Of Policy Text

With the gradual slowdown in world economic growth,governments have paid more and more attention to the participation of private enterprises in the construction and operation of public projects,in order to resolve the heavy debt burden of the government.Since the 1980 s,China began to explore the PPP model in the field of infrastructure construction,has formed a number of projects worthy of reference test cases.In early 1990 s,Chinese central government began to introduce Public-Private Partnership laws and regulations,and guide the private sector to participate in local large-scale public project construction and operation.In 2013,the Third Plenary Session of the18 th Central Committee of the Communist Party of China put forward "Allowing social capital to participate in urban infrastructure investment and operation by means of franchise",affirmed the role of PPP in economic and social development,and formally established the development orientation of PPP mode in public service fields.In order to study the development of PPP model and the evolution mechanism of PPP policy in China,this study mainly includes the following three aspects.(1)Through analyzing the project attributes,cooperation modes and contents of the typical PPP project,and expounds the evolution of the cooperation system between the government and the social capital,in order to reveal the trajectory of the public goods from the government to the supply of government and social capital.(2)By combing the evolution of government and social capital cooperation policy since the early 1990 s,according to the four historical stages of 1994-2001,2002-2008,2009-2013 and 2014-2015,summarize the central policies and use the word frequency analysis induction policy theme,and analyzes the evolution process of PPP policy in China based on specific policy.(3)Based on the perspective of policy tools,the focus and goal-oriented analysis of China's PPP policy is carried out in order to reveal the evolution dynamics and mechanism of China's PPP policy.The results show that the continuity of PPP policy in China is not strong,the PPP policy at the central level shows obvious stage division,the legal level of policy has yet to be improved,and the legislative work urgently needs to be advanced.On the whole,the use of policy tools in PPP policy is not balanced and the goal orientation is not obvious.In the future,the use of demand-type policy tools should be further strengthened.The case study highlights the importance of the PPP project financing process.In the period of comprehensive promotion,it should strengthen financial support policy tools innovation,and promote the rapid landing of the PPP project.The evolution of the PPP policy theme has obvious characteristics of the times.It demonstrates the interactive relationship between the PPP policy evolution and the project experiment and model innovation,and proves the theoretical model of the policy evolution.