Abstract:Under the framework of my country’s traditional monetary policy，Excessive use of structural policy tools，May cause total problems，Makes monetary policy face the difficult problem of balancing growth stabilization and structural adjustment。Reducing or reducing the value-added tax on bet365 sign up offer small and micro loans is a useful attempt to coordinate fiscal and financial policies，is the “interest rate channel of tax policy”。Empirical analysis and findings using loan-by-loan data from a major bank，This policy tool significantly reduces financing costs，And improved credit availability。Based on this，Building a bank credit decision-making model including tax conditions，Theoretical logic describing its role，can be found，Compared to the structural monetary policy transmitted from the liability side to the asset side，Tax reduction on loan interest income directly affects bank assets，Conduction path is more direct，Less friction。This kind of "interest rate channel of tax policy" that does not rely on the central bank's liquidity injection and interest rate operations for fiscal and financial coordination，Can expand space for macro-financial regulation，Thus easing the multi-objective conflict of monetary policy。