The capacity of regional innovation is an important issue that affects the economic and social development. In this paper,the study object is Henan Province which is the main part of the Central Plains Economic Zone from the year of 1991 to 2010. With the establishment of the VAR model,the author made the empirical research on the interaction between the quality of economic growth that the growth rate of TFP in Henan represented and the multi-level innovation which included the investment intensity of innovative capital,human capital and institutional capacity. The result shows that the institutional capacity reflected significant effect on enhancing the quality of economic growth in Henan in the short time while the investment intensity of innovative capital and human capital did in the long run.