To clarify the underlying causes of the problems in the operation of domestic PPP projects,a comparative analysis of the four stages of PPP practice in China was conducted with the change of project risk sharing as an entry point.It is found that the project operation in different periods shows the change of risk sharing from"risk taking"to"risk avoidance"in the public sector.On this basis,we suggest that the project operation logic of local governments using their risk liability as a bar-gaining chip for financing is a public choice in the trade-off between financing and risk aversion to promote regional con-struction rapidly.Finally,the balance between project operation normality and local governance practicality is discussed.
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