從這兩次宏觀調控中可看出，大陸的調控措施逐漸加大經濟手段的力度，如法定存款準備率、再貼現和公開市場操作，呈現向大陸典型的雙軌制過渡方式，不過信貸渠道一直是主要貨幣政策的傳導方式。 Every nation targets and pursues a steady long-term economic growth. Although the economy in Mainland China has been grown up rapidly, the situation has not been static since the reform and open-up policy in 1997. Therefore, Mainland China continues amending the economic policy by Macro-Economic Control taken by administration measures in early stages. Nevertheless, Macro-Economic Control is emphasized on the economic way in recent years. The research is based on the Monetary Policy and to analyze the efficacy of the Monetary Policy during the Macro-Economic Control in 1998 and 2004 by Document Analysis and Secondary Analysis.
“Dose Monetary Policy really affect the economic activities practically?”, “Which transmitting channel for monetary policy is to be used for work?” This is always a popular assignment for macroeconomist to study for. The research analyzed some theory of western economics and found out that transmission channels of interest seem not to be suitable for use for Mainland China. However, the hypothesis of transmission channels of credit is conformed to the economic situation of Mainland China. It is because that the industries and residents do not really take notice of interest. Moreover, no adequate of financial and money market, the lack of price marketization and the corner of banks cause to the Imperfectly Competitive Market. As a result, Monetary Policy of Mainland China is still based on Credit Control.
The research shows that expansionary monetary policy had long times impact lag in 1998. This is due to the financial system in China was not maturity and the monetary efficiency of price and interest rate was lower. Therefore, the depressed economic situation was not prosperous until 2003 and also brought about the over-headed of some industries. Furthermore, in 2004, a chain of deflationary monetary policy had been taken to prevent the bubble smash of the economic growth in Mainland China.
After executing Macro-Economic Control twice times, it can be found out that macro measures in Mainland China are taken to strengthen the economic means (ex. required reserve ratio, rediscount rate policy and open market operation) and showed the transitional methods of Mainland China typical Double Track. However, credit channel is always the main transmission way of Monetary Policy.