Electric bicycle sharing is an innovation that combines traditional electric bicycles with the "Internet+" technology, but it has been hampered everywhere. At the macro-control level, the government is implementing an industrial policy that does not encourage the development of electric bicycle sharing at present, and the formation of this policy is affected by the four factors of public safety, environmental pollution, national standards, and regulatory concepts. However, based on the protection of citizens' right to travel, the fulfillment of the responsibilities for survival and care, the development of sharing economy, and the need to accommodate prudential supervision, the government should implement industrial policies that encourage development. At the micro regulatory level, government regulation of electric bicycle sharing through administrative legislation and administrative law enforcement is facing the problem of insufficient legitimacy:the discouraging provisions are contrary to the Legislation Law, the enforcement measures violate the principle of public law and leaving unchecked is suspected as administrative inaction. There is no doubt that the operation of electric bicycle sharing requires effective government supervision. In order to promote the healthy development of electric bicycle sharing, a perfect supervision system should be constructed from four aspects, such as the basis of supervision, the subject of supervision, the principle of supervision and the measures of supervision.