China's sound macroeconomic management was demonstrated during the Great Recession (2007-2009) when its export dropped 15% - 18% causing 23 million to become unemployed, but 98% found jobs as the economy readily bounced back and the unemployment rate dropped to 4%. This performance is in sharp contrast to a number of countries where the recession is still lingering in 2014. It is most notable that China escaped three global financial meltdowns since 1990, including the Japanese severe credit implosion, the Asian economies foreign reserve meltdown caused by capital flight due to rigidity of fixed exchange rate. The Great Recession (2007-2009) which engulfed the world economy was contagious, and China was subject to the turbulence and transmittable global meltdown -- but ironically China escaped. China's experience has drawn re-examination of the Western neoclassical paradigm concerning macroeconomic stability, and efficacy, of countercyclical measures via mini manipulation of the supply of money by the Federal Reserve Board. A better alternative for all nation states is to establish social indicator targets.