| Since 1984 when the People's Bank of China began to work as the central bank, the monetary policy transmission mechanism formally introduced in China. But it have not achieved the expected target effectively, and even weakened further after 1998 when the policy turned to used indirect instrument. The reasons in the end can be rooted by one problem that there is no effective monetary policy transmission mechanism in China yet. Premier Wen Jiabao has clearly pointed out in the government working paper in 2005 that financial reform is the important task affecting the future of the economic reform. And the study of monetary policy transmission mechanism touches the deeper level of financial system. Therefore in our country, to study the monetary policy transmission mechanism nowadays is significant. The previous researches mainly focused on the function of different transmission channels, but they must base on the efficient market financial system and the sensitive reaction of the monetary policy transmission carriers, while in our country nowadays it is not realistic. This thesis is studied by combining the positive analysis and normative analysis, combining the theory and practice and by vertical and horizontal comparison. According to the main order of monetary policy transmission, this thesis discusses the problems of central bank, financial market, commercial banks, enterprises and consumers in turn and tries to advance some suggestions.
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