Regional economic coordination and sharing of development achievements are the key points of high-quality economic development. There have been lots of literatures on empirical test and theoretical discussion of the regional economic development equilibrium in China, but there are still obvious differences on the types and speed of convergence of regional differences. Since it is difficult to reveal the long-term effects of capital accumulation by using the traditional method with GDP per capita, extended analysis from the perspective of national wealth is quite useful. The main findings are: (1)the per capita wealth of underdeveloped provinces increases faster (β convergence), but they are unable to stop the increase of absolute interprovincial difference (no σ convergence); (2)as the produced capital investment can be adjusted quickly because of high marketization, and the flow of human capital fully reflects the difference of return, ensuring that Y/K and Y/H are regionally balanced (both β and σ convergence). In order to improve the balance of regional economic development in China, “portfolio management” of all kinds of capital in national wealth requires greater attention, and a unified and open factor market should be established to improve allocation efficiency.