Abstract: Based on the panel markov regime switching model and spatial markov regime switching model, this paper analyzed the spatial-temporal evolution characteristics of financial structure and industrial structure and carried out a series of tests and analyses on the regime relation between them according to the reality of China's economic operation .The results showed that : 1. the financial structure and industrial structure in China both have significant regional imbalance and strong inertia which can be decreased to a certain extent by means of regional interaction. 2. changes of financial structure within the regime and across regimes will lead to similar changes of industrial structure, and marketization of the financial structure in each region can effectively promote industrial structure upgrading. However, when both of them are in the low regime, the financial structure can not promote industrial structure upgrading; 3. financial structure and industrial structure have significant positive externalities. Relatively high financial structure or industrial structure can effectively promote industrial structure upgrading in the surrounding regions.These results provide relevant empirical basis and policy enlightenment for promoting the transformation and upgrading of industrial structure and the marketization of financial structure.

Key words: financial structure; industrial structure; regional imbalance; regime correlation; externalities；spatial markov regime switching model