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The existence of unobserved economy is one of the important factors affecting GDP calculation. This paper uses the provincial panel data from 2010 to 2019 in China, and adopts the method of principal component feature extraction to carry out cluster analysis on the multi-indicator panel data. This method preserves the dynamic characteristics of the panel data, calculates the comprehensive score of each eigenvalue, and gives weight to the eigenvalue by using the entropy method, so as to optimize the clustering results representing the eight indicators of the unobserved economy. Through the analysis, it is found that the regional development of China’s unobserved economy is obviously different, and each type has different influencing factors. This result has important practical significance for different regions in China to formulate differentiated unobserved economic governance policies. This also helps to make better use of resources and develop an energy-saving economy.