For a long time，local infrastructure，public services and other public sectors have been highly dependent on government investment and government credit support，which is not only greatly increasing the debt burden of local governments and is not conducive to preventing and defusing potential debt risks，but also hindering the provision of investment opportunities for social capital，including private capital. The transformation of investment and financing mode in local public sphere is the inevitable requirement of the industrialized development and enterprise operation for the public sphere，and it is also the only way to straighten out the relationship of responsibilities and rights among the local government，enterprises and financial capital. To promote the transformation of local investment and financing mode，it is necessary to move from a highly dependent mode on local government credit to a two-wheel driving mode combining government credit with enterprise/project credit. The main tasks and priorities of the transformation of local investment and financing modes include scientifically determining the investment boundary of local governments，reasonably dividing three types of project investment and financing modes，promoting the market-oriented transformation of the urban investment company，and actively and prudently using PPP mode.