Since the Reform and Opening-up, local governments have played the role of ″economic agents,″ and managed public assets in the administrative region according to demutualization operation mode. With local governments no longer holding economic entity directly, they have begun to manage the administrative regions relying on executive power, land and other asset powers, and networking project platform organization. In a sense，″integrated governance mode″ is an expression of the development of ″local government corporatization″ with respect to organizational structure. The organizational structure of integrated governance mode is reflected in two aspects in practice: first, establish ″new zone″ ″special zone″ ″development zone″ and other special zones, which enjoy distinctive policy for developing their economy but are still under the premise of maintaining national policy unification; second, establish a set of enterprise status for public power operation in the way of establishing financing project platform company, hence avoid the restrictions of entity principle on governmental power. By these two ways, ″corporatization″ of local government realizes its systematization from a behavior, and becomes efficient system arrangement, which continuously converts economic performance to governance performance. Public power ″degrading into private law″ bypasses the up-to-bottom institutional constraint to a certain extent, the result of which motivates the autonomy of local government to develop economy and extends its economic power; on the other hand, because the constraint and supervision system is not effectively established, the risk of power being out of control increases, integrated governance mode can bring higher governance performance as well as high risk of government corruption. The concentrated reflection is that public power can switch between the dual identities of ″government″ and ″enterprise,″ so that public power can get rid of traditional control power system in the way of ″degrading into private law.″ At the same time, public power ″degrading into private law″ hinders the motivation and supervision mechanism in operation under the pattern of double principal-agents. Whether the integrated governance model can avoid the high risk of government corruption and maintain a high governance performance largely depends on the reconstitution of control and supervision mechanism. The specific strategies include strengthening power control mechanism based on the modern corporate mechanism, perfecting effective accountability mechanisms for power, forming cooperative mechanisms between the subjects of supervision, and legislating clearly public functions and market behaviors of the category ″management committee-company″ organizations. The fundamental way of realizing prevention and control of government administrative risk with the integration governance mode is changing governance legality from ″performance legality″ to ″institutional legitimacy.″ But the transition process may take a long time, especially in the current economic adjustment period. There is a large economic development pressure, it is hard for the local governments to abandon the existing development path. Thus realizing the reconstruction of control and supervision mechanism will be a persistent project in terms of the integrated governance mode.