Local government financing platforms play an important role in China’s local government financing system. For a long time，the main mode of local financing platform operation is to raise funds with government credit as the support，and invest funds in industries and fields that need to be developed locally，which is equivalent to the “second finance” of local governments. At the same time，large-scale borrowing by local governments through financing platforms has led to rapid accumulation of local government debt risks. In recent years，with the central government’s control of local government debt，the government’s financing functions of financing platforms have been gradually stripped，and the traditional operating model of financing platforms has been restricted. Under the new situation，how to implement market-oriented transformation of local financing platforms has become an issue of great concern to financial institutions such as trusts.

This article starts with the current macro policy and guidance for the market-oriented transformation of platforms issued by local governments around the world，explores the transformation path of local financing platforms，proposes a six-dimensional model for evaluating the market-oriented transformation of financing platforms，and discusses financial institutions’ development of government financing platforms. Specific business strategies and put forward related risk management recommendations for the business in the context of government financing platform transformation.