Government regulation measures for traditional rural older adult care projects have relied mainly on government subsidies. For example, China's Old Age Pension Fund project and Japan's Rural In-Home Pension project are both initiated and managed by local governments, but both have encountered economic challenges in the regulatory process (10). PPP older adult care projects can reduce the government's financial pressure compared to traditional rural older adult care projects, but Euro Girl Escort bookings the private sector is also prone to speculative behavior. So, some scholars have pointed out that the government needs to adopt a combination of incentives and penalties for PPP projects, rewarding the private sector for providing quality services and punishing the private sector for opportunistic behavior (11). Sabry pointed out that how and when to implement the monitoring strategy or subsidy strategy has a decisive impact on the success or failure of PPP cooperation (12).

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In addition, in the PPP older adult care project, public participation can not only promote government efficiency but also affect the effective operation of the project. (2) The government should adopt a regulatory strategy that combines subsidy and penalty strategies. Both the single subsidy policy and the penalty policy are too one-sided to give full play to the role of government regulation in the PPP older adult care project. Local governments should formulate flexible subsidy policies and dynamic penalty policies to promote the participation of the private sector in rural older adult care services and restrain their speculative behavior. Figure 3 shows the impact of the participation of the local government and private sector on the strategic choices of local governments.

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