Abstract：Against the backdrop of intensifying external uncertainties, China's economic growth has demonstrated unexpected resilience, profoundly reflecting the transformation of its growth drivers. This paper identifies the driving factors of China's stable economic growth under external uncertainties from three perspectives: supply, demand, and policy, while analyzing the evolution characteristics of these growth drivers across both time and frequency domains. The research findings reveal that since the 1990s, China's economic resilience has continuously strengthened, particularly in recent years when facing significant external uncertainties. The primary drivers of China's stable economic growth have evolved from demand-driven to supply-driven, with monetary policy proving more effective than fiscal policy in stabilizing growth. The industrial system at the supply end, representing the development direction of new quality productive forces, serves as the endogenous driving force for China's economy to withstand major external uncertainties. As external uncertainty levels rise, the main drivers of stable economic growth gradually shift from demand and monetary policy to supply, with supply management becoming increasingly crucial under extreme external uncertainty shocks. Looking ahead to the 15th Five-Year Plan period, given the unpredictable nature of external uncertainties, supply management should be prioritized as the primary task for promoting long-term economic growth, while simultaneously focusing on expanding domestic demand and strengthening policy coordination. This approach will leverage the certainty of enhanced endogenous industrial development to address significant external uncertainties.

Keywords：External uncertainty; China's macroeconomic resilience; Supply management; New quality productivity; Expanding domestic demand