Resource Reallocation, Industrial Structure Transfer and Economic Growth- Empirical Analysis Based on Shandong Province

Currently, both resource allocation and industrial structure optimization are significant issues which China's economic transformation and development are facing. Utilizing the Wurgler, the classic econometric model, to calculate the adaptability between resource reallocation and structural transfer emerged in Shandong province, the results show that the efficiency elasticity of capital allocation and the configuration coefficient of labor elements are both positive but relatively small accompanied with weak "structural dividend", revealing that there are still larger room to optimize the industrial structure. In order to achieve the transformation and upgrading of industry and realize the new driving forces to support economy by taking place the old ones , Shandong province needs to accelerate and adjust the factors marketization reform and industrial structure, then improve the overall quality of the industry and promote technological innovation.