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Public-Private Partnerships (PPPs) have experienced several challenges since their spread around the world in the 1990s.China provides a very good example.After a period of fast development from 2014,PPPs in China suddenly decreased in 2018.The initial euphoria surrounding PPP has been replaced by criticism and concerns caused by the overuse,misuse,and failure of PPPs.Similar phenomena can be observed in other countries as well.For example,in 2018,the European Court of Auditors slammed the performance of PPPs after assessing twelve PPP projects in several EU countries,and even reached the conclusion that more intensive and widespread use of PPP should not be promoted until the issues identified in its report are addressed and its recommendations implemented.1 The many alleged benefits of PPP that once made it popular,such as effective public resources management,high quality and timely provision of public services,and appropriate risk allocation,hardly matched the reality.Against this background,it appears necessary to rethink PPP.