The transformation of local investment and financing mode is the inevitable requirement of the market-oriented and industrial reform in the field of infrastructure and public service，as well as the only way to rationalize the right relationship between the three parties，the local government，the enterprise and the financial capital. The transformation of local investment and financing mode should be from a highly dependent mode of local government credit to the combination of government credit and enterprise / project credit，which will help to reduce the debt burden of local government and reduce the risk of potential debt，and provide more and better investment opportunities for social capital，especially among the people. The main tasks and focus of the transformation of local investment and financing models include scientific determination of the investment boundary of local governments，rational division of three types of investment and financing models，the promotion of the transformation and development of local government financing platforms，and the active and prudent introduction of the PPP model.