The fact that monetary policy fail to adapt according to the changes of economic development not only decreases the efectiveness of monetary policy but also generates series of questions as excess liquidity．The supply-demand characteristic of credit market reflects the growth of real economy，so the key problem of adjust monetary policy according to disequilibrium of credit market is how to find out supply-demand characteristics of credit market at diferent phases．This paper uses the tool of disequilibrium metering model and points out that there really exists disequilibrium state of excess demand of loan in the credit market．It mainly displayed as that the growth rate of loan is decreasing in recent years and severely lags behind the demand of industry production.What’s more，the credit supply constraints resulted by tightening of monetary policy intensified the disequilibrium， which has influenced the development of industry real economy．The adjustment of monetary policy should not only consider inflation and excess liquidity，but also consider the disequilibrium state of credit market，or else the objective of policy a~ustment wil depart from the growth of real economy．

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