To clarify the relationship between finance and real economic growth is of great strategic significance for the development of the real economy and the effective prevention of the major financial risks. Based on the panel data of 31 provincial levels from 2001 to 2015, with the banking sector representing the financial sector, this paper studies the impact of China’s banking credit on the growth of real economy. Through empirical analysis,it is found that the linear positive impact of China’s banking credit on real economic growth is not significant, while the credit scale of banking industry is significantly non-linear with the growth of real economy, which shows the two relationships with “U” type. Even if the regulation of the capital adequacy ratio of commercial banks is strengthened, the two relationships with the “U”type is still significant.