Abstract: Since the initiation of the reform and opening up,investment has become a strong pillar,and gradually formed the investment-led economic growth model in China's economic growth.Treasury policy has played an important role in the formation of this model. As a financial product,a precondition for investment and deal in bonds is the establishment of financial institutions and the sound financial system.Its policy plays a role on economic growth through the channels of financial development.Theoretical analysis and empirical test show that this channel of "the treasury policy-financial development-economic growth" is important.It is necessary to vigorously improve the financial system and promote financial development so that the treasury policy is given full play to in China's economic growth.