Since 2014, public–private partnerships (PPPs) in China have experienced an impulsive new boom with a new PPP policy that has drawn wide attention domestically and internationally. In particular, development characteristics and performance assessments of projects in the new PPP boom are a hot topic. By comparing China’s PPP development in the last several years with that in the past thirty years, we explore its rationale and performance through a critical review using the following approach: first, we identify and analyze its seven new characteristics of investment scale, spatial distribution, investment sectors, operational model, concession period, payment mechanism, and tendering period; second, we diagnose the nature and performance of the new PPP boom; third, we systematically scrutinize the rationale behind the characteristics and the possible mechanism; and last, we conclude with the argument that the new PPP boom could be well managed by the Chinese government if some prerequisites are met. We also raise some key issues inviting more comprehensive comparative studies. This study contributes to the existing literature by providing a project-data-analysis lens to better understand PPP development in China and worldwide. The implementation of this study will not only enrich global PPP knowledge, but will also be a good reference for PPP practice and trends in China and other developing countries.
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