Abstract: After the global financial crisis, countries around the world are looking for new economic growth engine, and playing more emphasis on technological innovation. That is to say intangible assets have great impact on economic growth. In order to reflect the role of intangible assets, especially R& D capital on economy, SNA (2008) explicitly proposed R&D capitalization. At present, many countries have begun to incorporate intangible investment in GDP accounting. However our practice in this area is blank. This paper capitalizes R & D spending of China and quantitatively analyzes its effects on GDP and economic structure. The results show that, in the period of 2002 to 2011, capitalization of R & D will increase GDP by about 1.35% each year, decrease consumption ratio by 0.9%, and increase investment ratio by 1%. Finally, this paper provides some related policy recommendations, such as more research about capitalization of intangible investment, establishment of R&D capital Satellite account and so on.