Since The Reform And Opening Up, Demand-side Factors On The Analysis Of Economic Fluctuations

China economy has been experiencing high-speed growth, which is usually referred as"China Miracle", since 1978. However, the growth rate of output varied greatly from year to year. As for the harmness of economy fluctuations to national welfare and the lasting growth of China economy, it is meaningful to understand the characters, roots of the business cycles, and actions the Administration can put to stabilize the economy.In partⅠ, this thesis expatiates on the background of the research, the meaning of business cycle, and the theories of business cycles, etc. PartⅡfocus on the characters of business cycles of China since the reform and opening up to the outside world. PartⅢpays attention to the empirical analysis of China's business cycles. In concrete, this part tests the effects of demand factors on the economy fluctuations respectively. In the last part, the thesis gives some suggestions and advices to stabilize China economy.In the thesis, we can find that the 30-years-high-speed-growth economy can be divided into 4 business cycles. The characters of China economy during this period are high growth rate and high volatility. However, accompany with the market-oriented institutions'improvement, the economy of China has been becoming more and more stabilized. As to the roots of China's economy fluctuations, the demand factors played very important roles. In particular, the changes of consumption have much severe impacts on economy fluctuations. If consumption changes 1%, the output may changes 0.81%. For all that even so nevertheless, investment is the major factor that affects the economy stabilization. Thus, in order to stabilize the economy, we need to stabilize investment, and then, consumption. What's more, the administration must pay its role to stabilize the economy. At last, the paper also finds that revaluation of Renminbi can not lend itself to reduce the trade deficits of the United States.