Abstract: At present, the transmission of monetary policy from operational target to intermediate and ultimate targets is mainlt through generalized credit channel. This paper theoretically sorts out the transmission mechanism of Chinese monetary policy, decomposes the scale of social financing into three credit expansion channels: loanm off-balance sheet financing and direct financing, and empriically studies the generalized credit transmission effect of Chinese monetary policy. he results show that loan plays a dominant role in the scale of social financing for a long term, and the transmission of China's monetary policy in the generalized credit channel is still dominated by it, followed by off-balance sheet financing, and direct financing is the weakest. With the promotion of interest rate marketization, the transmission strength and speed of monetary policy to generalized credit have been significantly improved, we should promote the deep-level structural reform and the interest rates marketization in essence. Combined with the research results and the comparative analysis with existing literatures, this paper makes further theoretical discussion on the transformation of quantity and price monetary policy, and proposes to construct a new “price-oriented and combined quantity” collocation regulation paradigm of monetary policy from the perspective of “total-structure”.