ABSTRACT
In the sense of conventional economics, macroeconomic policies are usually used as a counter-cyclical tool. Its macrocontrol effects can be summarized as "leaning against the wind" in that the expansionary measures are taken in economic recession while the tight measures are taken in the inflationary times. China's macroeconomic policies used to play an exclusive role of counter-cyclical regulation, but the 2013 policy is directed at both counter-cyclical regulation and structural adjustment promotion. In other words, the 2013 policy must have the effects of both counter-cyclical regulation and structural adjustment promotion. Eventually, the proactive fiscal policy takes better effect on promoting structural adjustment. In this regard, actually since 2012, particularly the second half of that year, structural tax cuts has evolved into the main carrier of the proactive fiscal policy. In addition, the effect of the structural tax cut on fiscal expansion will be highlighted and even determine the success of the round of macro-control measures.
