| Summary: | With the advancement of urbanization in China, the construction of rail transit has become an important choice for urban transportation infrastructure. The continuous and rapid construction of rail transportation is becoming the epitome of China’s promotion of the urbanization process. However, considering the macroeco-nomic background, China’s economic growth rate has gradually changed from rapid to steady growth due to upgrading its industrial structure, which has led to a decline in tax revenue growth and increased pressure on local government debt. At the same time, the central government continues to emphasize the importance of “reducing leverage” and pressure on local government financing, so there is an urgent need for social capital to participate in rail transportation construction through public-private partnership (PPP) projects. Currently, China’s value for money (VFM) qualitative evaluation is based on the Ministry of Finance documents, with many shortcomings in the actual operation. Various issues are related to the content of the indicator system that involves primarily economic benefit-oriented evaluation, with less concern about social and environmental problems caused by the PPP, and less consideration is given to technical, legal, and policy factors. Thus, this paper proposed a study toward devel-oping a framework integrating the PPP model and the VFM evaluation system for urban rail transit projects in China. © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023.
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