How can China's macroeconomic policy get out of the dilemma of the decline in the effect of "micro-stimulus" and the serious sequelae of "strong stimulus" in recent years? How to adapt to various old and new changes in the macroeconomic and financial environment under the new normal, as well as the requirements of major adjustments, major changes and large-scale opening strategies? The macroeconomic policy reorientation pointed to by these problems is not a simple adjustment of policy tightness or policy stimulus, nor is it just the adjustment of policy tools and the improvement of policy transmission channels, but the overall reconstruction of the macroeconomic policy framework. This report analyzes three aspects as a whole: first, the characteristics of our existing macroeconomic policy framework; Secondly, the challenges of various new and old changes under the new normal to China's macroeconomic policy framework; Third, make a general analysis of key issues such as the strategic positioning, principles and breakthroughs of China's macroeconomic policy adjustment.