The exponential string stability for a class of nonlinear interconnected large-scale systems with time-varying delay is analysed by using the box theory and constructing a vector Lyapunov function. Under the assumption that the time delay is bounded and continuous, a criterion for exponential string stability of the systems is obtained by analysing the stability of differential inequalities with time-varying delay. The large-scale system is exponential string stable when the conditions associating with the coefficient matrices of the system and the solutions of the Lyapunov equations, interconnected with the system, are satisfied. Since it is independent of the delays and simplifies the calculation, the criterion is easy to apply.