The constraint on Chinese domestic capital mobility had badly hindered the cultivation of domestic demand， which in turn exacerbated the external imbalances problem. This paper employs Campbell-Mankiw' s permanent income model to derive capital mobility estimation function based on private consu mption-net output correlation. And applies pooled OLS， GMM and Swamy' s random-coefficients model to estimate the timing and regional difference in capital mobility within China. The result shows that China' s general capital mobility level is lower than the average level of main OECD countries ， actually most of Chinese provinces ' capital mobility level is low and the regional gap is huge， among them the Yangtze River Delta' s capital outfl ow level is the lowest. Meanwhile， China ' s accession to the WTO has limited impact on domestic capital market ， but it is uneven. After the accession to the WTO， the constraint on capital mobility is much severer in the regions where the correlation between private consumption and net output is higher， however， the freedom of capital mobility is just slightly improved in the regions where the correlation of private consumption and net output is lower.