This paper analyzes reasons for China's three economic downturns since the reform and opening-up as well as management measures relating to these downturns.

For years from the early days of its founding to the end of 20th century China had witnessed several swift drops in GDP growth for three years.

In the course of economic operation, supply and demand affect each other while macroeconomic performance and restructuring reinforce each other.

The economic structure transformation of most economies in the world generally follows the rule that the share of primary industry keeps dropping.

Reform and innovation mark two major sources for productivity improvement under the new normal.

Since 2014, people have reached a common consensus that China's economy has entered a state of new normal.

Economic bubbles give expression to the deviation of asset price from the value of stocks and real property.