Abstract: The paper used the spatial panel data model to study the spatial correlations and the spatial spillover effects on 10 urban agglomerations' financial development. The results showed that there were two conclusions. Firstly, from the spatial bitmap and global Moran's I value,there was a spatial correlation in the financial development of urban agglomeration. Secondly, from the space panel data regression, there were spillover effects on financial development of urban agglomeration, but there was a big difference about this spillover effects because of the imbalance of China's financial development in regions.

Key words: Financial Development of Urban Agglomeration, Moran's I, Spatial Correlation, Spatial Spillover Effects