Faced with the policy dilemma between the declining effect of soft stimulus and the bad side effect of strong stimulus, Chinese policymakers have to think how to reconstruct macroeconomic policy frameworksThe strategic objectives of reconstruction include: (1) in a short time, dealing with the emerging risk of macroeconomy and finance; (2) in the medium term, dealing with bad sideeffects of economic restructuring and change of the pattern of economic growth; (3) in the long term, constructing efficient, sustainable, and dynamic consistent macroeconomic policy frameworksFundamentals of reconstruction include: (1) the objectives of macroeconomic and financial stability and external balance should be included in policy frameworks; (2) fiscal policy directs to the sideeffect of economic restructuring, while monetary policy directs to macroeconomic and financial stability; (3) macroeconomic policies should be implemented in marketoriented and predictable modeA feasible breakthrough could be made in government bond markets.