In this paper, regional monetary multiplier model and regional monetary policy multiplier model based on classical macroeconomic theory are constructed. The regional effects of monetary policy factors are deduced theoretically. The differences in regional monetary base, regional monetary multiplier and regional monetary policy multiplier in China are analyzed combined with the reality of China. The results show that due to the regional monetary multiplier and the regional monetary policy multiplier differences, a unified monetary policy on economic development in eastern China’s effect will be significantly higher than that of less developed central and western regions. These conclusions are quite meaningful for China’s monetary policy and macroeconomic regulation and control.