In recent years, microscopical economic fluctuation rate had dramatically declined. However, it didn’t get enough attention from theory field and policy level. Aiming at this question, this paper explains it from time-lag effect and game theory at the micro-level, and cobweb theory at the macro-level. We combine it with the reality of China’s economy and finance from the aspects of aggregate supply and demand curve, economic structural adjustment and macro-control policy. We believe that in the last 10 years, especially since 2012, the aging of population and the decline of investment returns suppress the aggregate elasticity of supply. The replacement of old growth drivers with new ones and the readjustment of economic structure improve economic resilience. The perfection and improvement of macroeconomic regulation and control system improve the ability of policy reverse regulation. These are the main reasons for the reduction of China’s economic fluctuation rate. However, we should pay attention to the fact that while the fluctuation of the real economy slows down, the financial market shows an increasing trend, which gives a warning signal to the macro prudential supervision system and the risk prevention battle.
