Bet365 app download Structural monetary policy is an important component of the macroeconomic governance system with Chinese characteristics。It has significantly improved its importance in recent years，Policy rules are constantly evolving。Policy positioning from the previous period to make up for total monetary policy imbalance expansion to service high -quality development，Policy targets have transformed from the previous attention to the precision of credit investment to focus on policy structural effects。See the expansion of the manufacturing medium- and long -term loan policies implemented in my country since 2019 as a quasi -natural experiment，Build a dual differential model，Integrated into the industrial association relationship in the model，The whole process of policy effect、Systemic test，It can be found that this policy has a promotion effect on manufacturing investment，It has strong precision，Obvious structural effects; the policy has an overflow effect between upstream and downstream companies inside the manufacturing industry，The overflow effect will not only significantly affect the realization of the structural effect of the policy，When the policy acts in the downstream industry，Instead, it can strengthen policy effects，Give play to the role of the accelerator。The process characteristics and constraints of the system inspecting structural monetary policy，For optimized policy design，Improve high -quality development capabilities for financial services，It has important significance。

　　Keywords:Structural monetary policy direct impact overflow effect

　　AuthorCao Tingqiu，Professor of the School of Economics of Shandong University (Jinan 250100); Pang Nianwei，Ph.D. student at the School of Economics of Shandong University (Jinan 250100); Peng Jiangbo，Researcher of the People's Bank of China Shandong Branch (Jinan 250014)。