Local industrial policy plays an important guiding role in economic transformation and upgrading of Hebei Province. However, there are risks in the process of formulating and implementing industrial policies, such as improper procedures and violation of the principle of fairness, which to some extent reflects the lack of legal control. Under the new normal of economy, local industrial policies also need to be transformed to the rule of law, and the effective combination of good law and good governance should be promoted through the construction of rule of law in Hebei. It is suggested that local industrial policy legislation should be used to promote the government’s intervention in the market rule of law, strengthen the construction of standardized procedures, improve the supervision and relief system, and integrate the spirit of rule of law into local industrial policies to enhance the modernization level of government governance ability.