Abstract: As an important vehicle for local government to conduct market activities, LGFP (Local Government Financing Platform) should have become one of the most important topics of economic law. The first issue is to define what kind of subject LGFV is in economic law. However, the relevant research is far from sufficiency. Traditional theory of economic law takes “government – mid-level subject in society – market” as a basic framework. While LGFV has a corporate personality, it executes the order of government. In addition, it lacks the independency of a mid-level subject in society. This thesis argues that LGFV should be regarded as a sort of sub-mid-level subject in society, which performs its duty entrusted by the government in the form of a market subject. Although this definition is optimal in the current system, it would be replaced by a more reasonable one with the deepening of marketization due to its innate defects.