Since 1979, the central government has put forward the eight-character policy of "adjustment, reform, rectification and improvement". 1980, it became severe. At the end of the year, the national economic plan was adjusted, various indicators were lowered, and the central and local fiscal expenditures were compressed; In that year, 4.8 billion yuan of treasury bonds were issued to freeze the surplus money of enterprises and residents and curb the excessive growth of demand. After these measures were implemented, the growth rates of GDP and price index began to decline at 198 1.
1985, the State Council requested all localities to stop the price increase, reduce infrastructure projects, and send inspection teams to all provinces for inspection. The central bank strengthened the control of loan quota and raised the deposit and loan interest rates twice. The growth of price index and GDP tends to be flat at 1986.
From September 65438 to September 0988, the state decided to implement the macro-control policy of "forced landing", adopt strict project approval and other measures to reduce the scale of investment, and impose a maximum price on important means of production; The central bank strictly controlled the scale of credit, once stopped lending to township enterprises, and raised the deposit reserve ratio and interest rate.
The state began to take macro-control measures from 1993, and in September of that year, it introduced 16 measures, including raising deposit and loan interest rates, controlling credit scale, stopping indiscriminate fund-raising, issuing government bonds, reducing infrastructure investment, strictly controlling new projects through queuing for approval, strictly approving development zones, and stopping introducing new price reform measures. 1994, all measures are stricter, and direct price control is implemented for some products. 1995, the loan interest rate was raised twice. After 1996, the austerity has achieved remarkable results, and the price index has dropped; The GDP growth rate also declined, but it remained at a high level of around 10%, and China's economy successfully achieved a "soft landing".
In 2003, when the economy just stepped out of the trough of GDP growth rate of about 8% and consumer price index of zero growth or negative growth, the state quickly adopted macro-control measures. At that time, the economy showed no signs of overheating, and the consumer price index did not increase rapidly, but there were hidden dangers of tight transportation of coal, electricity and oil, and the ex-factory price index of industrial products increased rapidly. At that time, the austerity measures were mainly to control the two gates of land and credit and curb the excessive growth of investment.
After 2005, the tight supply of coal, electricity and oil transportation has been greatly alleviated, but new problems have emerged in economic operation. Real estate prices in some cities have risen sharply, and the state has successively introduced economic policies for the real estate industry, including increasing taxes, increasing the down payment ratio, raising the loan interest rate, adjusting the housing supply structure, and promoting the construction of low-rent housing and affordable housing. After 2007, the consumer price index accelerated, and macro-control measures became more stringent. In one year, the deposit reserve ratio was raised 10 times, and the deposit and loan interest rates were raised five times. The effect of this macro-control will be tested in the future.