Based on the perspective of the national balance sheet and considering the impact of technological progress and taxation factors, this paper uses the provincial panel data to estimate the genuine savings level in 29 regions of China in 2005 and in 2015. The study finds that the total genuine savings value and the per capita genuine savings value of all regions increase from 2005 to 2015. The rapid growth of productive capital fully compensates the loss of natural resource, which means that development is sustainable, however, the contribution of human capital is small. The real savings level of different regions has big difference and the difference trends to be expanded. The regional difference of productive capital increment and technological progress contribution rate causes the expanding of regional difference in real savings increment, after taxation, the real savings level of different regions is obviously lowering, therefore, the negative impact of the taxation on real savings level completely offsets the positive contribution of technological progress. We should actively promote the modernization of state governance system and governance capacity, improve investment and optimize the structure of investment, enforce the contribution of technological progress to real savings increase, weaken the negative effect of the taxation on real savings growth so as to boost sustainable increase of welfare level of different regions.