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Directed or pushed by the new term local governments because of the growth petition. Direct shock:export and foreign investment↓ The CES Conference July 3031, 2021 Atlanta,Geia,. Changsheng Xu Professor of Economics School of Economics Huazhong University of Science amp。 Technology Wuhan, China Email: Situation and Characteristics of China’s Business Cycles of 25 Years since the Reform ● General characteristic of China’s macroeconomy: high growth+unstability ● The Performance of unstability:4 Cycles and 2 Stages Table 1 Growth Rate and Inflation Rate of China since the Reform (19782021) Source:SSBC,Statistical Yearbook of China and Statistical Bulletin, related years, China Statistical Publishing House (CSPH). Year 1978 199 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 Real Growth Rate of GDP (%) Inflation Rate (%) Year 1992 1993 1994 1995 1996 1997 1998 1999 2021 2021 2021 2021 2021 上半年 Real Growth Rate of GDP ( %) Inflation Rate (%) Cycle Length of Time Contraction Expansion Period Years Period Gap of Annual Growth Rate from Peak to Trough (%) Period Gap of Annual Growth Rate from Peak to Trough (%) Ⅰ 19781983 6 19781980 (3 years) – 19811983 (3 years) + Ⅱ 19841987 4 19841985 (2 years) – 19861987 (2 years) + Ⅲ 19881992 5 19881989 (2 years) – 19901992 (3 years) + Ⅳ 1993present unknown 19932021 (8 years)