The orientation of the reform of engineering cost management should be the allocation of resources and productive forces through market mechanisms, with the price mechanism being the core of the market mechanism, and the reform of the price formation mechanism being the center of price reform. Therefore, the primary task in the reform of cost management is the reform of pricing models. After China's accession to the WTO, a large number of foreign investors will enter the Chinese market to seize our huge investment opportunities, and we will also take advantage of this opportunity to invest and operate projects overseas. Accession to the WTO means that we must operate according to internationally recognized rules, changing the traditional methods that do not conform to international standards. Therefore, to align with international practices, it is necessary to promote the bill of quantities, which is a physical work volume pricing model. Thus, promoting the bidding and quotation method of the bill of quantities in the field of engineering construction, establishing an engineering cost market, and forming an effective supervision and management mechanism are reformative measures to standardize and legalize the behavior of the construction project contracting market.