Abstract: This article researches the formation mechanism of China's inflation first time from the combined perspective of monetary wage growth and efficiency hollowness, then empirically analyzes that how structural growth gap between wage and productivity plays its role and influences China's inflation by use of panel data from China's 30 provinces and cities in 2000-2015.The results show that growth gap between wage and productivity not only makes China's manufacturing costs more and more expensive on the micro level, but also leads economy to inflation at the macro level. This gap has significantly stronger influence on inflation in 2008-2015 than in 2000-2007, and stronger impact on the eastern and western regions than the central region. It show that influence from growth gap between wage and productivity has obvious difference in the dimension of time, and also has significant geographical difference. Along with other factors, it has become an important promoter of Chinese complex inflation.

Key words: efficiency hollowness, growth gap between wage and productivity, complex inflation