In the period of new normal，the growth effect of the broad money supply has decreased. To solve this problem, this paper decomposes M2 supply into basic components and analyzes the characteristics of the broad money supply figures at different stages of economic. Then we study how the structural adjustment of M2 supply impact on economic growth though TVP-VAR model. The results show that the focus of China's broad money supply structural control has obvious stage characteristics. The emphasis of M2 structural control was foreign net assets section before 2008 and it has turned in to domestic credit after financial crisis. And the basic components of M2 supply have significantly different paths and intensity differences in the regulation of economic growth. By sub-section regulation in M2 supply，monetary authorities can monitor and regulate operation of the macro-economy better，which will guide and promote economic restructuring and make our monetary policy more effective.

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