关键词: 新常态 , 新阶段 , 中国宏观经济

Abstract: Due to the positive effects of global recovery, stimulus policies, supplyside structural reform, rising of new economy and improvements in market expectation, Chinas macro economy managed to achieve bettering in economic performances both at macro and micro level, presenting an upward trend of “steady progress towards good”. However, it must be clear that the rebound observed in 2017 was mainly driven by stimulus policies and recovery forces, while not solid in market and trend power, indicating that China is still far away from the track of “new cycle”. There are three major characteristics for understanding Chinas current macroeconomics as follows: First, economy has steadied but hard to rebound quickly. Second, risks have been alleviated but far from disappearing. Third, economic structure has improved but still facing the challenge of policy exits.

Key words: new normal , new stage , Chinas macroeconomics