In 2012, China ushers in the Second Age of CPI once again, which prove that in this year China's inflation levels have begun to fall. However, due to the short-term seasonal reasons, and long-term constraints of the international and domestic environment, there are still high inflationary expectations in the future. We should seize the opportunity of the lowering of the inflation, meanwhile carefully consider the expectation the high inflation rate, and keep pace with the times, adjust the focus appropriately to the situation according to the last phase of the monetary policy. With economic as the primary goal, with moderate inflation tolerance, take the control of the deposit reserve ratio, reform the interest rate system, optimize the credit structure supportive measures, and promote sound and rapid development of macroeconomic.