Abstract：
This paper analyzes the asymmetric properties of business cycles with Clements and Krolzig’s parametric tests by investigating the partition method, persistence characteristics, and three types of asymmetry: deepness, steepness and sharpness. based on GDP growth rate data from 1979Q1 to 2009Q4 in China. The results show that non-deep and non-sharp property is not applicable to Chinese business cycle and Clements and Krolzig’s parametric tests strongly accept steepness; The probability of a low-growth regime followed by a high-growth regime is more likely than the probability of a low-growth regime preceded by a normal-growth regime. Finally, the duration for staying in the normal-growth is longest among three regimes.
2012 
