Using the non-traditional approach of the perpetual inventory method, this paper prudently measures the full set of capital stock of China’s new infrastructures from 2003-2021, and further analyzes its regional differences and distribution dynamic evolution. It is found that the capital stock of new infrastructure climbs rapidly at an average annual growth rate of 14.56%, reaching as high as 8.12 trillion yuan by 2021. Among them, the capital stock of innovation infrastructure is in the first place, followed by information infrastructure, and convergence infrastructure is the smallest. The overall difference, the differences within the central and western regions, and the differences between the east-central and central-western regions in the capital stock of new infrastructure all show a fluctuating downward trend, and the most important source of such a difference is the inter-regional difference. As far as the distribution dynamic evolution is concerned, the capital stock of new infrastructure has more obvious polarization characteristics, with gradually increasing positive spatial aggregation phenomenon, and there is a trend of absolute β-convergence in the whole country as well as in the three major regions, with the rate of convergence increasing firstly and then decreasing. At the same time, the capital stock of information and innovation infrastructure is characterized by absolute β-convergence, while convergence infrastructure is characterized by divergence.