Abstract

The asymmetric characteristic is a typical fact in the economic cycle, which is reflected in the non-uniformity between the economic growth rate and volatility in the periodical shape. Viewing from the historical course of the causes for China’s asymmetric characteristic of its economic cycle, the mandatory administrative adjustment in planned economy is gradually exiting out, while various macroeconomic policies in the market economic system are being used more frequently and the control measures of macroeconomic policies tend to be diversified with increasingly stronger control capability. However, external uncertainties in the international society and domestic external shocks occur once in a while. The combined effect of a variety of forces leads to the asymmetric economic cycle in different forms. After China’ s economy entered a new normal, its average growth rate and volatility decreased, leading to weakened asymmetry and the sign of volatility in “L-style”. It means that the phase of new normal will show the trend feature of decrease in average growth rate. In this regard, China should take the necessary targeted macro-control measures.

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