Core Viewpoint - The article highlights the career journey of Jiang Weidong, reflecting the evolution of infrastructure investment and financing in China over the past 25 years, showcasing the transition from government-led investment to market-oriented models like PPP [2][3]. Group 1: Career Development - Jiang Weidong's career began in 1996 with China Railway Construction Corporation, where he participated in various infrastructure projects, primarily focusing on highways [5]. - In 1999, he was seconded to China International Engineering Consulting Corporation, where he gained experience in urban rail transit projects, particularly the Shenzhen Metro [6]. - By 2004, he joined Dayue Consulting, marking a significant shift as the government encouraged private capital participation in infrastructure projects through new policies [10]. Group 2: Market Evolution - The infrastructure investment model in China has evolved from government dominance to "land finance" and then to the PPP model, reflecting changes in policy and market conditions [3][10]. - The introduction of the PPP model in 2006 with the Beijing Metro Line 4 project represented a pivotal moment in the marketization of infrastructure financing [10][11]. - The period from 2015 to 2017 was identified as the "golden three years" for the PPP industry, characterized by a surge in project opportunities and high consulting fees [20][21]. Group 3: Challenges and Changes - After 2017, the PPP market faced increased regulation, leading to the elimination of non-compliant projects, which impacted the overall industry dynamics [22][23]. - The COVID-19 pandemic further disrupted the market, although Jiang's team managed to maintain stability through a balanced project portfolio across various provinces [22]. - By 2023, new guidelines were introduced to regulate the infrastructure financing market, indicating a shift to a new phase with reduced project numbers compared to previous years [23].