Monetary policies effects are very different between China and the western countries, whether the anticipated money growth or the unanticipated money growth all rejected the neutrality to output, which imply that the money supply growth has played an important role to promote the Chinese economic growth. Furthermore, we find that the money supply shock of M1 has the symmetric effects, while the money supply shock of M2 has the asymmetric effects, and the asymmetry is opposite to the western countries: positive money supply shock has significant effect to output，but the negative money supply shock has no significant effect to output．