With the global economic turbulence and aggravated exterior affection，China’s “soft expanding” economic cycle that started in 2003 has drawn to a close. China will start a new-round economic cycle in 2008. It is predicted that the new-round economic cycle will still fluctuate with the feature of mixed rise combining peaks and valleys. The main outline of the economic cycle will continue the stable tendency. The macroeconomic regulation will place stress on local stability and long-term smoothness，short-term effectiveness and long-term balance. The moderate policy operation will be loosened conditionally so as to make a more effective aggregate demand management and aggregate supply management.