China is on its way to the market economy and the economic structure is changing re- markably. The characters of business cycles in recent years vary much. In the recent ten years, we have been using various methods such as Warning Signal System to survey the state of macro- economy. Based on these research, this paper analyzes contrastively the dynamic changes of main economic variables in the few economic fluctuations since the end of 1980s in China in order, to explore the essential causes of the Growth Rate Cycles.