Abstract: The paper investigates the capital mobility of east, central and west regions in China, based on Feldstein and Horioka test. It empirically analyses the capital mobility’s effect on economic growth. The results show that the rise of the capital mobility do not promote economic growth significantly in China. In the east area of China, high mobility brings high economic growth, but brings low growth in the central and west region. The paper also indicates that China Western Development does not change the direction of capital flow, but it increases the effect of the capital flow in east region and provides financial security for the development of the west of China.

摘要： 本文利用国际上测量资本流动性的FH检验，对我国东中西部地区资本流动性进行了考察，并就资本流动性对经济增长的效应进行了实证。研究结果表明，改革开放之后资本流动性的加强并没有显著促进全国范围的经济增长，但在东部地区，高的资本流动性带来了高速的经济增长，中西部地区资本流动性加强反而起到了负作用。西部大开发虽然没有改变东中西部地区资本流动的方向，但提升了东部地区资本流动的经济效益，节约了国家财政资金投入，为中西部发展提供了资金保障。