The study on the factors that affect foreign language acquisition (FLA) is important to foreign language teaching and research. It helps to understand the learner’s motivation, and thus, is of great significance to promote learner’s foreign language proficiency. Based on theories of language economics and exploiting econometric methodology, this paper estimates the impact of social and economic factors on FLA in China. We find that, in addition to gender, age and other individual factors, the external factors such as language exposure and economic incentives are affecting the FLA in China. In particular, economic incentives can increase Chinese learners’ English speaking and writing proficiency by 7.65% and 10.7%, respectively, in maximum. These findings help to enhance the understanding of the role of social and economic factors in FLA and provide evidence for the relevant theoretical research in China.