Abstract: From the perspective of the functions of “new-structuralism” and “financial services”, this paper studies the relationship between financial structure and economic development in the process of stable economic growth and economic fluctuation, and the influence mechanism,based on panel data of 31 provinces and municipalities from 1995 to 2015, and according to different stages of economic growth. The results show that there is an inverted U-shaped relationship between financial structure and economic development, and the relationship is more significant in the process of steady economic growth; the optimal financial structure does not appear in the process of economic fluctuation, which shows that good economic operation will ensure the financial system to play its greatest role, and the function of financial services also has different effects in different economic development processes.Therefore, the financial structure can be used as an independent financial policy to guarantee the “steady growth” of economy, which is also the key to maximizing the efficiency of the financial system.

Key words: financial structure, the New Structuralism, financial services;economic growth