This report is a partial result of China’s Quarterly Macroeconomic Model (CQMM), a project developed and maintained by the Center for Macroeconomic Research (CMR) at Xiamen University. The CMR is one of the Key Research Institutes of Humanities and Social Sciences sponsored by the Ministry of Education of China, focusing on China’s economic growth and macroeconomic policy. The CMR started to develop CQMM for purpose of short-term forecasting, policy analysis, and simulation in 2005. Based on CQMM, the CMR and its partners hold press conferences to release forecasts for China’ major macroeconomic variables. Since July 2006, thirty-three quarterly reports on China’s macroeconomic outlook have been presented.