Chang, Chen, Waggoner, and Zha make three contributions in this paper. First, they provide a core of macroeconomic time series usable for systematic research on China. Second, the researchers document, through various empirical methods, the robust findings about striking patterns of trend and cycle. Third, they build a theoretical model that accounts for these facts. The model's mechanism and assumptions are corroborated by institutional details, disaggregated data, and banking time series, all of which are distinctive of Chinese characteristics. The departure of the authors' theoretical model from standard ones offers a constructive framework for studying China's macroeconomy.