Modernization of China's Macroeconomic Governance: Experiences, Challenges and Tasks

The modern macroeconomic governance must match the stage of economic development. Relative stability in a certain period, transformation and innovation in a critical period, as well as the corresponding legal constraints and theoretical support, are the common features of the modern macroeconomic governance in all countries. China's macroeconomic governance has experienced three stages, which are stability altering with transformation, showing the distinctive characteristics, which are diversification of targets, diversification of tools and systematization of ideas. The main lessons of China's macroeconomic governance are to follow the general law of economic modernization and the initial conditions of the domestic economy, and to inherit while innovating. In the new historical period, China's macroeconomic governance is facing severe challenge as coordinating the multi-objective and multi-policy system under multiple shocks. In this regard, on the one hand, we should speed up the legislation of macroeconomic governance and enter the next relatively stable period as soon as possible to better cope with The New Three Period Superimposed; On the other hand, we should speed up theoretical innovation, build consensus, increase transparency and reduce misunderstanding of policies and friction in policy implementation.