Abstract: Structural monetary policy is the latest practice of the People's Bank of China in the field of monetary policy in recent years, and is also an important component of building a modern central banking system and improving the modern monetary policy framework. At present, the definition of the concept of structural monetary policy is not clear, and there is a lack of systematic understanding and analysis in terms of theoretical basis, policy objectives, and implementation points. Especially on the core issue of how much monetary policy should bear the structural regulatory function, there are still significant differences. In fact, China's structural monetary policy practice in recent years is not only the continuation and improvement of the traditional structural control tools in the past under the New Normal, but also the reference and application of unconventional monetary policies. In the future, structural monetary policy needs to be further improved along the main line of deepening supply side structural reform, with the development principles of serving the total amount of structural services, vertically driving horizontally, promoting financial reform, adhering to market orientation, and improving the policy system.

Keywords: Structural monetary policy; Structural regulation; Economic structural transformation; the structural reform of supply-side;