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In the process of transformation and upgrading of China's industrial structure, financial development and technological innovation have played an extremely important role. Financial development is the core of the modern economy and penetrates the entire process of industrial development. It plays a pivotal role in optimizing resource allocation, providing external financial support and risk management for industries, promoting technological innovation and promoting industrial structure upgrades. On the other hand, technological innovation is the embodiment of scientific progress and the key to upgrading industrial structure. Technological innovation is the endogenous driving force of modern economic growth, speeding up the flow of resources between industries, improving production efficiency, and truly realizing the upgrading of industrial structure. Therefore, this study uses a time series model to explore the impact of financial development and technological innovation on the optimization and upgrading of Zhanjiang's industrial structure. The empirical results show that: The bank-based financial system has no Granger causality and has no positive impact on the optimization of Zhanjiang’s industrial structure. But technological innovation can drive the optimization and upgrading of Zhanjiang's industrial structure. Therefore, Zhanjiang City needs to realize the integrated development of financial development and technological innovation to further promote the effective upgrading of the industrial structure.

The Impact of Financial Development and Technological Innovation on the Upgrading of Zhanjiang's Industrial Structure