In recent years

microscopical economic fluctuation rate had dramatically declined. However

it didn't get enough attention from theoretical cycle and policy level. Aiming at this question

this paper explains it from time-lag effect

game theory from micro-level and web theory from macro-level

combined with the reality of China's economy and finance

from aggregate supply and demand curve

economic structural adjustment and macro-control policy several aspects. We suggest that in last 10 years

especially since 2012

aging of population and investment returns fall suppress aggregate elasticity of supply

replacing old growth drivers with new ones and readjustment of the economic structure improve economic resilience

the perfection and improvement of macroeconomic regulation and control system improve policy adverse adjustment ability. These are the reasons for microscopical economic fluctuation rate declining. However

financial market fluctuations are getting worse while fluctuations in the real economy slow down. This is guard signal to macroprudential regulatory system and risk prevention battle.