Slower growth and higher inflation in the expansionary phase of the economic cycle (compared with previous cycles) reflect an essential macroeconomic change. For many years, China’s Phillips curve – the historical inverse relationship between inflation and unemployment – was rather flat, which meant that when the government used expansionary monetary and fiscal policies to spur growth, it did not have to worry too much about price instability.
经济周期扩张阶段的经济增长放缓和高通胀（与以往经济周期相比）反映出重要的宏观经济变化。多年来中国反应通胀和失业历史反比关系的菲利普斯曲线都相当平缓，也就是说当政府采用扩张性货币和财政政策刺激经济时，不必过于担心价格的波动。