Study by Jie Tan & Zhirong Zhao
China experienced a boom in newly announced PPP projects after a 2014 Budget law encouraged local governments to adopt the PPP approach for the delivery of vital infrastructure. The number of PPP projects initiated by local governments subsequently doubled every six months and as of October 2018, according to the Ministry of Finance (MOF), local governments had initiated 12,471 projects, with an expected investment of 17.3 trillion RMB (about 2.5 trillion dollars).
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