Although the local fiscal revenue in China in the first quarter is uneven, on the whole it is still constantly improving. With the economic growth and the increase of fiscal revenue, the development pressures are also increasing. On the one hand, there is the need for the local economies to transform, yet on the other hand, the financing channels are limited. Under the current situation, the development pressures began to force the local authorities to seek re-expansion of financing needs. With the increase of local "innovations" in financing, there are also more and more competitions. In this trend, the local governments and its financing platforms have become important participant in the financial market, which also makes the financial market's changing signals having increasingly important impacts on the local government financing.