Independent bond issuance is Chinese local governments' future development direction. The transition from owning to issuing independent bond is a great challenge to the local governments. ANBOUND’s senior researcher He Jun pointed that the bond issuance mechanism change from issue by the financial ministry to local governments, and eventually achieve autonomy in bond issuance. Every step in the transition process needs to be corresponded with political and management system. All the local governments should pay attention and learn from Shanghai’s experience in fiscal and taxation reforms.