Spatial Characteristics and Driving Factors of Public-Private Partnership Projects Implemented in China

In recent years, public-private partnership (PPP), as an alternative strategy in the delivery of infrastructure services, has developed rapidly in China. However, the implementation of PPP projects differs significantly between provinces and municipalities. Using the implementation data of national PPP demonstration projects, this study employs spatial autoregression and a spatial Durbin model (SDM) to explore the spatial characteristics and driving factors of PPP projects across China. The results indicate that the PPP project implementation rate in China shows significant spatial clustering, which indicates a spatial spillover effect in the eastern, central, and western regions of the country. The fixed asset investment and infrastructure status exert a significant positive effect on the PPP project implementation rate in a certain region and aid in the implementation of PPP projects in the neighboring regions. Urbanization potentiality, the financial self-sufficiency rate, and regional openness do not have an impact on the local PPP project implementation rate, but they do inhibit the increase in this rate in the adjacent regions. Fiscal capacity, government credibility, and the level of social development do not affect the local PPP project implementation rate, but they do promote the implementation of the PPP projects of these neighboring regions. Local authorities should make additional efforts to build an inter-regional development environment for PPP and promote the implementation of PPP projects.