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A qualitative analysis has been made on the slow development of the engineering project management and corresponding cost control method which has been the bottleneck of the rapid development in the engineering industry and construction production. The economic development of the market and the changing investigation subjects urgently need the reform and renewal to the current engineering project management and the cost control. The unification of engineering project management system in China to the international practice after reform not only adapts the requirements of national economic market development, but also creates conditions for the Chinese construction enterprises to participate in the international construction market successfully.