chapter  12
Several major changes in China’s macroeconomic policy pattern
ByGao Peiyong
Pages 5

Macroeconomic policies in the sense of conventional economics are usually used as a counter-cyclical tool. Its macro control efforts could be summarized as "acting against the wind" that the expansionary measures are taken in economic recession while tight measures in the inflationary times. The 2012 Central Economic Work Conference employs a different expression for the functional positioning of our macroeconomic policy. It is to "achieve healthy and sustainable economic development and social harmony and stability". "Healthy and sustainable" replaces "steady and fast" as our objective for economic growth, and "social harmony and stability" and "healthy and sustainable economic development" stay side by side regarding the functional positioning of our macroeconomic policy. Finally, as various social conflicts in current China break out frequently and distinctly, people have reached a vast consensus on the relation between economic growth and social stability, and among development, stability and reform as well.