As the internal requirement and the institutional basis of perfecting modern fiscal system, fiscal transparency not only contributes to the efficient operation of the public sector and the optimal allocation of social resources so that it can directly promote the achievement of high-quality economic development, but also it indirectly promotes the achievement of high-quality economic development by optimizing the institutional environment for foreign investors and strengthening the attraction of local governments to FDI. This paper firstly systematically interprets the multiple mechanisms and effects of fiscal transparency and FDI on high-quality economic development from the theoretical level and puts forward the research hypotheses. Then this paper builds a panel simultaneous equation model and adopts 3SLS estimation method to conduct an empirical study, and it is found that fiscal transparency will impede the quality of economic growth while the impact of FDI on the quality of economic growth has significant regional heterogeneity. After that, standardization regression of the panel simultaneous equation model is conducted to make a further investigation, and the results are as follows. On the one hand, fiscal transparency affects the quality of economic growth through two channels. That means in addition to the direct effect, fiscal transparency can also affect the quality of economic growth by attracting more FDI inflows.On the other hand, FDI inflows can improve the economic growth quality in the developed regions while FDI inflows has the opposite effect in less-developed regions.