Study on the Multidimensional Analysis of PPP Project Failure Causes and Risk Management Optimization: Case Studies from China and the United States

As Public-Private Partnership (PPP) projects involve collaboration between the public sector and private enterprises, they are commonly used in infrastructure construction, which is characterized by long durations, substantial investments, and low short-term returns. Those characteristics lead a lot of potential risk for P3 projects. In order to explore why P3 project fail and the risk management optimization plan, this study examines the cases of the "Ghost City" of Ordos in China and SR-91 of California in the US.By employing a literature review and comparative analysis, the study identifies and contrasts the challenges faced by these two cases. Based on the identified problem models in China and the US, the study further extracts a common problem model. The findings suggest that the main reason that impact the failure of P3 project is error estimate of local future economic development and put forward three solutions that multidimensional dynamic analysis, professional assessment and improve the transparency.