This article firstelaborates on the the four development stages of PPP development in China：the exploratory and experimental stage before 2002，steadily promoted in 2002-2008，and fluctuated in 2008-2013，and has entered the stage of universal popularization since 2013. After that，it analyses the accomplishments in PPP undertaking in China from four respects comprised of institution improvement，regulation measures，modelling innovation and practice status. However，the PPP undertaking in China still faces a series of critical issues and challenges，including the imperfect legal system，cognitive discrepancy，inefficiency in management system，overemphasis on fundraising than operation，indifferent reaction of private section，governance inability，etc. In the end，this article proposes six suggestions for the improvement of sustainable development of PPP undertaking in China based on the current situation.