The Transformation and Prospects of China's Macroeconomic Narrative (1978—2025): Historical Evolution, Common Logic and Policy Mechanism

Macro narrative generally refers to macroeconomic narrative, including the institutional reforms, stable policies and growth incentives for the policy authorities to respond to the macroeconomic situation. Macro narrative has the logical coherence of economic co-narrative, and includes multiple aspects such as distribution, regulatory expression, and welfare experience, involving the acceptance of various social entities. Macroeconomics has a narrative style of empiricism, and pays more attention to the time sequential features of the economic growth composed of a series of events, in which people resonate with each other to form a common narrative, and form a coordinated division of labor, cooperation and stability in the course of historical process. From the four aspects of the era background, economic consensus, incentive mechanism and the authority responsibilities, this paper combs and sums up, in the five stages of China's macroeconomic narrative and transformation into high-quality economic growth, the macroeconomic narrative of China since 1978, the comprehensive balance theory from the planned economy to the early stage of reform and opening-up, the macro narrative under the planned commodity economy, that based on export-oriented market economy of the socialism with Chinese characteristics, and that of high-speed growth and assets construction. It also proposes that China is facing a new stage of "positive feedback" mechanism by non-economic factors, such as the national governance modernization, the public finance system reform, the money supply system reform, the government's resource allocation system reform, and the social construction, thus a new stage with a shift towards high-level opening-up to the outside world.