BOT (build-operate-transfer) means build-operate-transfer. It is a way for private enterprises to participate in infrastructure construction and provide public services to the society. In China, it is generally called "concession", which means that a government department and a private enterprise (project company) sign a concession agreement on an infrastructure project, and authorize the private enterprises (including foreign companies) of the signatory to undertake the investment, financing, construction and maintenance of the project. During the concession period stipulated in the agreement, financing for the construction and operation of specific public infrastructure is allowed, and loans are allowed to be repaid by charging users or selling products to recover investment and earn profits. The government has the right to supervise and control these infrastructures. When the concession expires, the private enterprises of both contracting parties will hand over the infrastructure to the government departments free of charge or paid. In the field of international financing, BOT not only includes the process of construction, operation and handover, but also is a project financing method with limited recourse.

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