With the process of financial liberalization, this paper builds the regional index of financial liberalization of China form 1990 to 2007 on basis of Ndikumana’s model. It works out that the process of regional financial liberalization of China has spatial correlation of regional variables on the growth of investment. The empirical results show that the regional financial liberalization of China has significant impact, and the effect of investment in the western region is much higher than that in central and eastern regions．