Based on endogenous growth theory, this paper first discusses the impact mechanism of the development and outward foreign direct investment (OFDI) in the financial sector on economic growth. Then, using provincial panel data spanning the period 2006-2016, we test the impact of financial development, with respect to financial correlation, stock and bond market size, and financial added value, on China's economic growth. We also employ the ratio of each province's bank credit, stock market size,

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... ond issuance and financial innovation as the weight to examine whether financial OFDI is through different financial models' moderating effects to booster the domestic economy. The results show that the development of the credit system not only promotes the economic growth, but also serves as a channel with financial OFDI to produce positive moderating effects. In contrast, the development of the stock and bond markets and their moderating effect on foreign investment in the financial sector can promote China's economic growth, but it is not significant. Financial innovation is found to be positively correlated with economic growth.