Current credit indicators cannot distinguish between actual financial development and excessive financialization， hence， this article， taking their difference into consideration， applies the financial competitiveness indicator and the excessive credit indicator to examine how these two indicators influence economic growth， based on the panel quantile regression model with a panel data of 116 countries from 2006 to 2015． It was found that high financial competitiveness can effectively promote economic growth， especially when the economic growth rate is low． Meanwhile， excessive credit can reduce economic growth prominently， and the influence is greater when the economic growth rate is high． This conclusion is robust in the post-crisis sub-sample， in the developing countries sub-sample， and for disaggregated financial competitiveness indicators， different excessive credit dummy variables and systematic GMM estimation． Therefore， it is very important for China to alleviate the problem of both low financial competitiveness and high excessive credit， in order to promote the economic growth in the new era．