Economic growth and price stability are two important targets of monetary policy. During the 13th FiveYear Plan period, the Chinese government has been insisting on achieving GDP growth and CPI stability through accurate monetary policies. Therefore, based on the time series data of GDP growth rate and CPI from 1985 to 2019, this paper estimated the target value of CPI in 2020, and innovatively established the quadratic linear optimal control (LQOC) model of GDP and CPI in China. The results show that the CPI during the 13th FiveYear Plan period is 277% under the expected average GDP growth rate of 6.5%. Finally, using the results, the paper simulates the monetary policy and its effects during the 14th FiveYear Plan period. The results show that in order to achieve the expected targets of GDP and CPI during the 14th FiveYear Plan period, while adhering to the keynote of prudent monetary policy, the monetary policy can be moderately loose, especially can be positively coupled with fiscal policy. The results of this study are beneficial to improve the realization rate of future national economic planning, and timely improve the crosscycle adjustment tool system of the 14th FiveYear Plan.