In order to find out the driving factors behind the sustained economic growth of China, to understand the evolving law of momentum, this paper used input-output model, explained the dynamic changes of contributions of consumption, investment and export to economy in perspectives of final demand. Then, based on DEA method and Solow Growth Model, we measured labor, capital and TFP’s contribution to China’s regional economic growth from factor supply aspect, and combined the two perspectives of demand side and supply side to discuss the power conversion characteristics and problems in the economic growth. Results show that China’s economic growth momentum came from final demand transformed from consumption to export before, and transformed to investment in recent years. In supply side, capital has been the main sources of economic growth of Chinese provinces and municipalities. China’s economic growth is in the investment-driving stage, the rapid economic growth has been accompanied by efficiency decreasing.