In the past ten years, demographic dividend is considered to be one of the main reasons for China's economy maintaining rapid growth. In this paper, we try to estimate the number of surplus labor in rural China. Our calculations show that China has no more than 50 million rural surplus labor force in 2011, and the basic completion of the transfer is likely to be achieved in the near future. Accordingly, labor wage rates and labor income share of GDP will rise, and we found the evidence in this regard. A focus of this paper is to demonstrate using statistical analysis and theoretical models that the disappearance of demographic dividend will promote Chinese economic restructuring. These include further increase in household consumption (In 2011, household saving rate will increase to 41.6%), and declining trade surplus (The trade surplus share of GDP will be 2.12% in 2012). China's economic rebalancing has emerged. <<