This paper is the first empirical research on advertising regulations in China. On the basis of analyzing 2004-2010 provincial level panel data, the research gets several findings. First, the previous supervision, represented by the numbers of business organizations and serving officers, has greater impact on per capita GDP, and the post-mortem supervision represented by the number of cases investigated and penalties has more influence on TFP. Second, as for media channels such as television and newspaper, the relationship between the average amount of advertising operations and the number of cases investigated is negative correlation. Third, the higher the level of one area’s economy is, the lower is the number of cases investigated. Finally, on the basis of empirical findings, the paper puts up with advises for the policies of advertisement supervision.