Based on classical classification, the technology innovation is divided into product innovation and process innovation. Based on grey correlation model, the article make an empirical analysis on the data of 2005-2012,.The analysis results showed that the new product development funds, technical transformation funds had significant effect on economic growth; in contrast, the investment efficiency of new product development funds and technical transformation funds on the second industry is the highest, the third industry investment efficiency take second place, the efficiency on the first industry is the lowest; the article also found that investment efficiency of technical transformation funds on the three major industries are better than new product development for high efficiency of output.