The reform of water conservancy investment and financing is a key measure to support regional water security and high-quality development. As an important ecological barrier in the Northwest China

Gansu Province has made significant progress in water conservancy investment and financing. Within the government-driven investment and financing system

tools such as special bonds have been applied in a standardized manner

and the model for social capital participation has shown early success. A reward mechanism linking project performance and fund implementation has been established to incentivize active participation. Additionally

the water rights trading mechanism has been gradually improved

and the realization of ecological value has been partially achieved. However

prominent challenges remain

including excessive government control

insufficient market participation

and the underutilization of existing assets along with inadequate funding for new projects. Based on this context

this paper explores the reform path from a comprehensive perspective

proposing a focus on major projects

strengthening policy guidance and multi-party collaboration

revitalizing high-quality existing assets

and leveraging financial innovation to address funding challenges. The paper also advocates for deepening the exploration of water rights value and enhancing the capacity of key stakeholders. This study aims to provide a practical and actionable approach to improving the quality and efficiency of water conservancy investment and financing in Gansu

supporting the coordinated development of regional water conservancy and ecological protection

and contributing to the construction of the northwest ecological barrier.