Abstract: At present, the PPP projects that the government focuses on promoting fall into the dilemma of "hard landing". The formation of this dilemma is mainly due to three key factors that include the lack of local governments' "win-win" concept, higher government credit risk, and the faultiness of regulatory architecture and institution system. In order to get out of the dilemma, it is necessary to really change the concept, gradually promote the application of PPP pattern, design the contracts of PPP projects, and strive to achieve the cooperation with good faith. It is most important to improve and perfect the regulatory architecture and institution system.