China's Business Cycle and Monetary Policy.

摘要

Economic reform that began in 1978 became a landmark in the evolution of the Chinese economy. The Chinese economy then gradually transferred from a planned economy to a market-oriented economy. I mainly focus on China's business cycles and monetary policy after 1978 in this paper.;I use GDP growth to measure the Chinese business cycle. Instead of the level of GDP, the business cycles in the thesis I am talking about are ups and downs in the rate of growth.;In Chapter Two, I illustrated all five business cycles which have occurred over the past 30 years. I also introduced some of China's financial background in Chapter Three, including institutional condition, banking system, economic reform and existing problems. This background introduction gives a clearer picture of China's financial situation and implementation of monetary policy. In Chapter Four, I analyzed some aspects of China's monetary policy such as the credit plan, interest rate, and exchange rate. Chapter Five discussed China's inflation situation and some relevant monetary policy decisions.