Since China’s economy entered a new normal in 2012，the economic growth has been slowed down structurally，and the goal of GDP growth by increasing capital supply to promote capital formation has become increasingly difficult to achieve. Fundamental changes have taken place in the basic assets of the basic money supply，from long-term assets of foreign exchange to short-term assets serving financial liquidity. It means that ‘off real to virtual’ has the root characteristics in the base money supply. This paper reviews the experience，logic and institutional arrangement of the economic growth and the periodic changes of money supply，analyzes the basic changes of the money supply mechanism，and explores the new relationship and challenge between the economic growth and the money supply under the open pattern. The redesign of the financial and banking system is not a simple issue，which requires to be adaptable to the new normal circumstances.