This paper uses the panel data of 17 cities in Shandong Province from 2003 to 2018 to construct a panel model to empirically study the impact of foreign direct investment (FDI) on the industrial structure. The results show that two-way investment, financial industry development, and policy variables have significant roles in promoting the advancement of the industrial structure in the province. In the future implementation of the “Going Global” strategy in Shandong Province, the cooperation between two-way investment and the financial industry should be strengthened, the level of regional financial development should be improved, and the impact of two-way investment on the optimization and upgrading of the industrial structure should be reinforced.
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