The paper explores the influence of the financial development under the financial repression on China’s regional mar-ket integration process. The financial development produces a double-edged effect on the regional market integration, but the ultimate impact depends on whether the country or the region is in the stage of the financial repression. The financial sector under the financial repression prefers providing the financial service in a larger scale but the lower efficiency, hence heterogeneous industrial sectors will get convergent financial support, which softens the resource constrain of the regional market segmentation. Based on the provincial panel data from 2000 to 2009 and Krugman index, the paper makes an empirical study and finds that at the present stage the financial development forms a resistance to the regional market integration progress, and the underlying reason is that China’s financial sector under the financial repression has no incentive to identify comparative advantage sectors. The inspiration of the paper is that in order to eliminate the market segmentation, the first thing is to accelerate the financial marketzation.%本文探究金融抑制下我国金融发展对区域市场整合进程的影响。金融发展会对区域市场整合产生双刃效应，而最终的影响取决于该国(地区)是否处于金融抑制。金融抑制下金融部门会偏好于向市场提供规模大但效率低的金融服务，异质的产业部门会获得趋同的金融支持，这软化了区域市场分割的资源约束。为此本文基于2000-2009年中国分省面板数据，利用Krugman地区专业化指数进行了实证研究，发现现阶段我国金融发展对区域市场整合进程形成了阻力，其深层原因为金融抑制下我国金融部门没有激励识别比较优势部门。本文的启示是要消除区域市场分割应首先加速推进金融市场化。
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