In 2021，China Banking and Insurance Regulatory Commission issued No.15 policy. This policy provides specific instructions for the prevention of hidden debt risks from the perspective of financial institutions and financial supervision. On the one hand，as a continuation of the series of government debt management and control policies，most of the content of the document is to reiterate and emphasize the spirit of the previous documents issued by the State Council and various ministries and commissions. Since its promulgation，this policy has had a significant impact on the finance and business strategy of many local government financial platforms，and overall credit risk in some regions.

Starting from the specific content and impact of Circular No.15，this paper proposes a six-dimensional analysis model of “urban investment quality” for local government financing platforms. Also，this paper proposes different credit research frameworks according to the classification criteria of traditional financing platforms and market-oriented corporations. In the last part，this paper also discusses the possible future investment strategy of trust companies.