China-Africa financial cooperation is one of the key points in the implementation of the "tencooperation plans between China and Africa and a new highlight in the development of China-Africacooperation. Trade and investment between China and Africa increased year on year in 2018-2019, and financialcooperation between the two sides continued to advance. However, financial cooperation between China andAfrica is still at a relatively shallow level. Against the background of increasingly frequent economic andtrade exchanges between China and Africa, an important manifestation of the problems in the development offinancial cooperation between China and Africa is the large gap in financial development between the two sides.Based on the perspective of A frican financial development, using panel data from 47 African countries in 1996-2017, this paper finds the role of foreign direct investment, the amount of imported goods and the opening ofcapital account accepted by the African region in the development of African financial markets is positivelysignificant, while the size and direction of the impact of accepting aid is not stable, because the effect of aid onthe development of financial market is affected by many factors, such as its mode and structure, there are moreuncertain factors.