摘要
I. Why We Put forward This Problem for Discussion In the literature, studies on economic fluctuations in China concentrate on fluctuations in the economy as a whole with GDP as the indicator. These studies may be classified into the following three types： first, studies on the features of cyclical economic changes. For instance, Liu Jinquan and Fan Jianqing studied the various asymmetric forms of the main macroeconomic variables in economic fluctuations and Liu Heng and Yuan Wenping looked into the ＂broadband＂ phenomenon in Chinese economic cycles.1 Second, studies on factors influencing changes in the features of cyclical economic fluctuations. For example, Fan Mingtai studied the mechanism of formation and models of economic fluctuations in China; Ju Guoyu and Lan Yi examined the role of the tightening of budget constraints in state-owned enterprises （SOEs） and the optimum allocation of scarce resources between state-owned and non-state-owned sectors in lessening the amplitude of fluctuations.2 Third, studies on the impact of policy on economic cycles. For instance, Huang Zelin and Shi Jinchuan studied the impact of financial and monetary policies on economic cycles.3
