Core Viewpoint - The article discusses the EPCO (Engineering, Procurement, Construction, Operation) model in the context of China's cultural tourism projects, highlighting its efficiency and the underlying risks associated with profit distribution and project sustainability [4][13][41]. Group 1: EPCO Model Overview - The EPCO model is presented as a comprehensive solution for cultural tourism projects, where a single team manages design, construction, procurement, and operation, allowing the government to focus on funding and approvals [13][14][40]. - The model is criticized for being a profit transfer mechanism, where each stage can be manipulated for financial gain, often at the expense of project quality and sustainability [15][39]. Group 2: Components of EPCO - **Engineering (E)**: The design phase prioritizes meeting government approval rather than attracting tourists, leading to repetitive and formulaic project designs [18][20][22]. - **Procurement (P)**: This phase is characterized by profit manipulation through controlled purchasing, where companies involved often have interlinked relationships, creating an "internal circulation" of profits [23][26][28]. - **Construction (C)**: The construction phase allows for dynamic budget management, where costs can be adjusted based on project changes, often leading to additional expenses [29][33]. - **Operation (O)**: The operational phase focuses on maintaining project viability rather than achieving long-term success, with an emphasis on minimizing losses rather than maximizing visitor engagement [35][38]. Group 3: Government and Corporate Dynamics - Local governments view EPCO projects as a way to achieve performance metrics without deep involvement, often prioritizing project initiation over actual outcomes [42][44]. - Companies involved in EPCO projects aim to generate cash flow through various stages, relying on government support and financial maneuvering to sustain operations [49][50]. Group 4: Risks and Sustainability - The article highlights significant risks within the EPCO model, including potential changes in local government priorities, tightening of financial policies, and public scrutiny, which could jeopardize project viability [51][52][54]. - The sustainability of the EPCO model is questioned, as it often leads to projects that appear successful on paper but fail to deliver real value or engagement in practice [56][58].