Abstract: Since China's economic development has entered the new normal, some new "typical facts" have emerged in the process of economic operation. Under the new normal, the morphological characteristics of China's economic cycle have changed significantly compared with those in the past, as shown by the decline of peaks and rise of troughs, and the obvious microwave trend of the whole contraction process. In terms of the characteristics of the changes of the main macroeconomic indicators in different cycles, the mean process of many core economic indicators has been trending downward, and the correlation between most of the indicators and the economic growth rate has also changed structurally. As far as the dynamics of economic growth is concerned, the basic situation of double constraints on the supply and demand sides has emerged at this stage, which has put forward higher requirements for the coordinated management of the supply and demand sides.

Keywords: economic cycle; new economic normal; growth engine