Research on the institutional innovation of Agent Construction System for government investment project: A perspective of Critical Governance Factors

The Agent Construction System (ACS) for government investment project is a primary solution for investment system reformation in China mainland. However, ACS has encountered some problems in its implementation. By analyzing the institutional issues in ACS and the contractual structure in Agent Construction Project (ACP), it identified Critical Governance Factors (CGFs) with project governance analysis framework at three levels of institutional design. On the basic of these CGFs, it analyzed the current implementation situation of ACS in some regions and main problems of ACS implementation at three different levels. In addition, the article has presented some institutional innovation methods for those problems in relation to these levels. It can be concluded that the ACS reformation should took these methods into account and formulated more suitable measurements for the sound development of ACS.