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2011-02-28 09:37 (WISE) Email: YAJUNDU@126.COM : 361005 Email: MAXCHEN@XMU.EDU.CN Tel: 86+592-218 7708 Fax: 86+592-218 7708 —— (1) (2) [1]GDP GDP [2] JEL E20; H50; H70; P20 Macroeconomic Imbalances, Economic Regulation and Record Evaluation Abstract Financial crisis has gradually fade away, but macro-economic imbalances such as domestic demand and excess investment continue to exist in the Chinese economy. Conditional on the system of decentralization between central and local government, combined with the characteristic of tran- sition economy that the state-owned economy coexists and interacts with the private economy, we build some game models to study the behavior of rational choice and payoff maximization of govern- ment and private enterprise. Furthermore, from the perspective of economic operation mechanism, we analyze the macroeconomic imbalances and regulation failures. We find that: (1) the current economic mechanism involving undue government intervention inevitably lead to macro-economic imbalance, which is taken as the institutional cause for macro-economic imbalances; (2) economic regulation in the long term only exacerbate the imbalances. In view of this, we step into the depth of the political system, and show that: [1] the record evaluation system focusing on GDP is the institutional source of the investment competition for GDP increment between local governments and also the macro-economic imbalances; [2] to resolve the macro-economic imbalance needs to add the indicator reflecting the comsumption of residents into the record evaluation system. Key Words: Macro-economic Imbalances; Effective Demand; Economic Regulation; Record Evaluation JEL Cla