With the clean-up and rectification of the PPP market in recent years，the PPP projects in database of the Ministry of Finance are more compliant with the laws and regulations than before，the number of projects and the rate of project implementation also increase steadily. Especially at the background of new infrastructure concept in 2020，PPP attracts lots of social attentions and expectations again. However，according to the PPP projects data of the Ministry of Finance at the end of 2019，the financing implementation rate in the database is less than 10%，and financing difficulty becomes an important issue restricting the sustainable development of the PPP market. Therefore，based on the analysis of the PPP financing policies and capital market status in the life cycle，this paper analyzes the pain spots and relevant financing strategies of different partners for their decision-making references in every financing or refinancing stage，which helps improve the bankability of the specific project and promote the sustainable development of the whole PPP market.