Abstract: This article studies the imbalance phenomena of capital formation and regional development in virtue of a new economic geography model.The result above shows that expenditure shifting caused by demand linked accidental causality will lead to coreperiphery agglomeration effect of regional capital share in the longrun equilibrium.On the other hand,when raising the free degree of regional trade,the agglomeration effect of capital formation will slightly weaken because of path dependence.Therefore,regional equilibrium development must get rid of the effect of accidental causality.