After four years of rapid development in China，the total investment of PPP projects has reached tens of trillions according to the PPP Integrated Information Platform System of the Ministry of Finance. With the continuous advancement of these projects，financing has become a bottleneck for the development and hence received much attention from different stakeholders. Therefore，this paper analyses the current situation of PPP financing in China by reviewing the life cycle of PPP financing arrangements and the latest relevant regulations and policies in the financial market. In addition，the paper summarizes financing modes in several mature PPP markets and then compares with those in China. This study identifies the future development prospects of China’s PPP financing and provides decision-making references for the Chinese financial institutions and private investors.