For PPP projects of 20 or 30 years，refinancing of PPP projects is an unavoidable issue. PPP refinancing is not only conducive to improving the liquidity of PPP project assets，improving the attractiveness of PPP projects to investors，PPP projects also have a profound impact on the initial financing of PPP projects. At present，there are not many theories and practices of PPP refinancing in China. Based on the analysis of the purpose，characteristics，methods and tools of PPP refinancing，this report makes a preliminary discussion on the three problems that may arise in PPP refinancing，in the hope of being concerned and argued by the experts in PPP field.