Abstract: China (Shaanxi) Pilot Free Trade Zone, as the only pilot free trade zone in northwest China and a node area of the “Belt and Road Initiative”, is an important carrier for China to open up to the west and a key link connecting domestic and foreign free trade zones. Based on the balanced panel data of China’s provinces from 2005 to 2019, the synthetic control method is used to calculate the difference between the “true value” and the “synthetic value” of foreign direct investment before and after the establishment of Shaanxi Pilot Free Trade Zone, and to evaluate its spillover effect to Shaanxi foreign direct investment. The results show that the Pilot Free Trade Zone plays a significant role in promoting foreign investment in Shaanxi, and the ranking test and placebo test confirm the robustness of the conclusion. Further research finds that Shaanxi pilot Free Trade Zone also has a positive spillover effect on the total import and export volume. In order to expand the intensity and scope of “exemplification first, radiation driven”, Shaanxi Pilot Free Trade Zone should deeply connect with the general rules of international commerce and trade, and enhance the attractiveness and transparency of the investment policy; improve the supporting system for foreign investment introduction, and effectively eliminate the shortcomings of the system; pay attention to inward open cooperation and strengthen the effect of radiation.