Based on Chinas provincial panel data from 2008 to 2017, this paper constructed the financial agglomeration evaluation system to measure the financial agglomeration index of each province, adopted the Solow residual method to measure the total factor productivity which measures the highquality economic development level, used the economic distance to construct the spatial weight matrix, and explored the impact of financial agglomeration on the highquality economic development of China and its spatial effect by means of a spatial econometric model. The results show that financial agglomeration can not only promote the highquality development of local economy, but also have a positive spatial spillover effect on the surrounding regions. The regional regression results show that the financial agglomeration has a significant promoting and positive spatial spillover effect on the highquality economic development of the eastern region, but the polarization effect of financial agglomeration in the central and western regions is significant, which has a negative spatial spillover effect on the highquality economic development of the adjacent regions.