【摘要】This paper applies minimum multiple LM unit-root testing to examine 10 Chinese macroeconomic and financial series that allow for the possibility of up to two endogenous structural breaks.We find that 9 out of 10 series, which are GDP,GDP per capita,total number of employed persons,nominal wages,real wages,bank credit,deposit liabilities,final consumption and trade,can be more accurately characterized as a segmented trend stationary process around one or two structural breaks as opposed to a stochastic unit root process.The conclusions have important implications for policy-makers to formulate long-term economic growth strategy and short-run stabilization policies,as well as investigate the relationship among the variables.