Towards an Enhanced Business Case Development for Public–Private Partnership (PPP) Projects: A Comparative Study of China and New Zealand

Public–Private Partnerships (PPPs) are widely used for delivering public assets and associated services. A well-developed business case is crucial for the successful execution of PPP projects. This research conducts a comparative study of the critical factors influencing PPP business case development and proposes practical policies and management interventions to enhance this process. Using a systematic literature review and semi-structured interviews with 46 PPP stakeholders from China and New Zealand, the study identifies four key areas essential for an improved business case development: (1) contextual factors, including political support and enabling legal and regulatory frameworks; (2) procedural factors, such as comprehensive service need analysis, robust procurement option assessment, and clear affordability analysis; (3) capability-related factors, including strong public sector capability and credibility; and (4) organizational factors, such as streamlined institutional arrangements and effective governance structures. By adopting the proposed strategies, policymakers can make more informed decisions on PPP-related policies, while public procuring authorities will be better equipped to plan, structure, and manage the business case process effectively. The research focused on PPP practices in two countries, China and New Zealand, with findings derived from a limited number of interviews. This raises questions about the generalizability of the results. Additionally, the recommendations may need to be adapted to account for varying economic, social, and policy contexts when applied in different settings.