By building an endogenous technological progress model with intermediate product expansion,this paper demonstrates that financial development,human capital,technological gap,and technological spillover through FDI together promote the upgrading of exports’ technical sophistication. Based on Hausmann model by deducting the impact of processing trade on the exports’ technical sophistication,with a panel data of 31 provinces in China,this paper analyzes the effect of financial development on exports’ technical sophistication from the view of nation,region and industry respectively. The result shows that financial development is the important factor in upgrading exports’ technical sophistication and different indicators have different impacts,financial efficiency and credit structure affect the upgrading of the export technical sophistication significantly. Financial development impacts the export technical sophistication of various regions and industries differently. The export technical sophistication in eastern areas and hi-tech industries are driven by financial efficiency,while that in western areas and the low-tech industries are driven by financial scale. FDI,R&D investment and human capital also play significant roles in upgrading the export technical sophistication. Consequently,some suggestions are put forward:improving regional financial efficiency; optimizing financial scales in central and western regions and taking full advantage of the technology spillover through FDI.