Abstract: Given the key role of ICT in the high-quality economic development, exploring the transmission mechanism of ICT in the optimization of industrial structure will become an important driving force for China's economic structural reform. Based on the data of 30 provinces from 2003 to 2017, this study first measures the productive capital stock of ICT and then uses the GMM model to verify the impact of ICT on industrial structure optimization. The results show that:(1) In general, ICT has investment optimization effects on industrial structure adjustment, but this investment effect has a quantile heterogeneity. If the capital scale of ICT is too low, it cannot optimize the industrial structure. (2) The impact of ICT investment on the development of different industries is different. ICT investment plays a promoting role in the development of the tertiary industry, but an inhibiting role in the development of the secondary industry where ICT investment is low and inefficient. (3) With different stages of industrialization, there are differences in different regions. The investment optimization effect shows obvious linear growth characteristics in the eastern region; it is characterized by a "U-shape" in the western region, and it has a positive impact only in the later stage of industrialization in the central region. Finally, based on these conclusions, relevant policy recommendations are proposed.

Key words: information and communication, productive capital stock, industrial structure, Baumol effect, GMM