八O年代鄧小平的改革開放政策，與雷根總統、柴契爾夫人的新自由主義（Neoliberalism）政策，主張自由市場經濟，並移除了各國的政經藩籬，以拓展全球市場，引發了跨國企業在全球各地的投資。隨著經濟全球的展開，全球各大城市運用公私合作（Public-Private Partnership）等策略，引進私人資本，改善城市環境，振興城市經濟。本文首先解釋公私合作的意涵，並闡述歐美國家運用公私合作參與城市開發的方式。接著說明上海如何運用公私合作方式，吸引跨國資本共同開發城市。讓上海在短短十幾年從一個工業城市，轉變成為金融中心。最後，比較巴的爾摩（Baltimore）與上海，運用公私合作的實踐方式及產生的社會現象。然而兩邊城市發展狀況，如哈維（Harvey David）所擔心的“城市形象完全戰勝了改善本質”。

In the 1980s, with the implementation of liberalization in China by Deng Xiaoping and the neoliberalism policy taken by Reagan and Thatcher, the political and economical fences in-between global states were removed. As a result, transnational enterprises began a large scale global investment. Cities around the world adopt tactics of Public-Private Partnership to attract foreign investments, energize urban economy, and improve urban environment. In this article, I first explained Public-Private Partnerships (P.P.P) and how cities in the west utilized P.P.P. in urban development. Next, the development in Shanghai was illustrated. Shanghai government applied P.P.P. to attract foreign investments and renewed the city under socialism. Within a dozen years, Shanghai has transformed from an industrial city into a financial center city. No matter it is neoliberalism or socialism, governments utilizing P.P.P. aim at the same goal- to flourish city economy and offer a better living for local people. However, after years of implementing the policies, cities' uneven developments are even more serious. For the conditions of cities, as David Harvey remarks, "The triumph of image over substance is complete."