It is biased to simply measure the relationship between consumption credit policy and economic growth from the dimension of "quantity". It is more systematic to explore the action effect in the coupling relationship between consumption credit policy and economic growth quality based on investigating the comprehensive characteristics of economic growth "quality" and "quantity". This paper constructs the evaluation index system for measuring economic growth quality starting from the mechanism of action, adopts the first principal component analysis method and takes covariance matrix as input, confirms the coefficient and characteristic root of each basic index, measures and calculates the weight of each basic index thus to gain the index of each evaluation dimension, achieves the economic growth quality index on the whole with the same method, and further measures the action effect of consumption credit policy act on the index solved with FAVAR model. The empirical analysis results show that, firstly, Chinese economic growth quality, economic growth process coordination, economic growth process sustainability, and economic growth result quality present the tendency of steadily rising, economic growth mode quality decreases gradually, while economic growth process is basically stable. Secondly, consumption credit policy presents the positive influence of different degrees on economic growth quality, economic growth mode quality, economic growth process coordination, economic growth process sustainability, and economic growth result quality, but it presents the negative influence on economic growth stability.