PPP secondary market and primary market complement each other，which is of great significance for the healthy and standardized development of PPP model. The development of PPP secondary market in China can be roughly divided into three stages：the embryonic stage of PPP secondary market，PPP asset securitization and infrastructure public offering REITs pilot. PPP equity transactions are relatively fragmented and have not formed a unified market；PPP asset securitization products are subject to project conditions and institutional constraints，and the scale is very small compared with the existing asset securitization market；PPP project REITs may become an important product for secondary market transactions. At the same time，the PPP secondary market is far from mature and perfect，and needs to be further cultivated and standardized.