Abstract: Improving the efficiency of monetary policy transmission is an objective requirement for the construction of mo-dern central bank systems in high-quality development stages. This article aims to extract typical facts of monetary policy transmi-ssion in the high-quality development stage from the perspective of bank liquidity creation theory, in the context of the obstruction dilemma of "wide currency" difficult to transmit to "wide credit" in China's monetary policy. Based on this, further starting from the controllability, correlation, and measurability that liquidity creation should possess to play the intermediary target function of monetary policy, this article examines the mechanism of monetary policy liquidity creation channels, and conduct empirical testing using quarterly data from listed banks from 2016 to 2022. Research has found that in the stage of high-quality development, as the market-oriented reform of the financial system continues to deepen, the bank's business model shifts from deposit and loan business model to wholesale business model, and the monetary policy regulatory framework shifts from quantity based to price based. The channel for creating bank liquidity will play a more critical role than the bank loan channel. The central bank should fully recognize the importance of the liquidity creation function of banks and incorporate liquidity creation into the intermediary target system of monetary policy regulation.