Abstract: China's new growth model of innovation-driven is essentially talent driven. The key is to correct the misallocation of human capital (HC) in the macro-strategy of structural stock adjustment and structural reform change, and in the process of solving the misallocation of resource factors. Based on panel data of 19 industries in China from 2004 to 2017, this paper constructed a labor quality index to measure the stock of HC in subdivided industries, and derived Aoki accounting framework to measure the degree, direction and evolution trend of HC misallocation, as well as the impact of decomposition on total factor productivity (TFP). The results show that the misallocation degree of human capital in China is improving on the whole and showing a trend of structural change. Among them, the allocation of human capital in traditional services of secondary and tertiary industries is generally insufficient. The human capital in producer services coexists with scarcity and surplus, and the human capital in public services is overallocation. It is concluded that factor allocative efficiency is an important part of TFP growth rate and faces a new "allocation bottleneck" in the transition period of the new normal.