In April 2020，Notice by the Ministry of Finance of Issuing the Operational Guidelines for the Performance Management of Public-private Partnership Projects came into effect. The guidelines have since promoted the performance management of China’s PPP projects to enter a unified and standardized stage. With the establishment of local policies and industry standards，the performance management will further fulfill the projects’ original intentions of paying-for-performance and being cost-efficient. While in practice，problems including the performance management process being too complicated or showing mere formality，the appraisal indicators not conforming to actual projects，and the evaluation results not being effectively utilized，still exist. When further improving the construction of the PPP system and promoting the projects’ implementation，attention should be paid to the balance between performance management as a government management tool and stimulating the initiative of social capital. The important role of contract design and management in balancing the rights and interests of the government and social capital should also be valued.