Abstract：With the financial development of China and that of 31 provinces from 1993 to 2015 as explanatory variable, with the urbanization level of each province of our country as explained variable, this paper makes empirical analysis of the dynamic spillover effect of financial development on China’s urbanization under the influence of such control variables as economic development level, income gap between urban and rural areas, export dependence, proportion of secondary industry, proportion of tertiary industry, and human capital. The findings show that from national and provincial level, financial development has significant spatial spillover effects on China’s urbanization. That means financial development in each province not only promotes the urbanization in that province, but also affects the urbanization of neighboring provinces. At the same time, the spatial spillover effect of financial development has, to some extent, affected the relationship among provinces in terms of urbanization. Therefore, in the development of towns, each province shall attach great importance to the financial development level, the income gap between the rural and urban areas, and export dependence within the province, and give full consideration to the impact of relevant policies in neighboring provinces on its urban development.
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