<p>With the advancement of international cooperation along the “Belt and Road,” economic exchanges between China and countries along the “Belt and Road” have become closer. Cooperation between China and neighboring countries will be the focus of China’s development of foreign economic and trade cooperation in the future, and the results will benefit the world. As China’s largest trading partner, ASEAN countries are an important region where the Belt and Road Initiative is better than other countries and regions in its implementation. This paper uses the 2010–2019 panel data of China and the ten ASEAN countries by constructing a spatial econometric model to analyze the spatial spillover effect of their regional economic development. The results show that (1) the economies of China and the 10 ASEAN countries are spatially correlated, with positive spatial spillover effects. (2) The level of scientific and technological innovation, the development level of the service industry, the urban population, the unemployment rate, and the level of opening up can significantly impact the country’s regional economic growth. (3) The urban population, unemployment rate, and level of opening up of neighboring countries have a promoting effect on regional economic growth.</p>