Economists say the Government's hopes that the trade gap is a cyclical phenomenon are largely unfounded.
Rather, it is a temporary, cyclical phenomenon, much like near-zero interest rates and the yawning budget deficit.
For Li, these cyclical phenomena are imbued with their own soul.
"We see this as a cyclical phenomenon," he said, "not something that is long-lasting."
Productivity growth has held up reasonably well through the recession, suggesting that its improvement is more than a cyclical phenomenon.
"It will probably be a cyclical phenomenon, but it'll be a beauty over the next one to three years."
I suggest - this is merely an illustrative explanation - that we are here dealing with a cyclical phenomenon.
He prefers to call this season's problems a cyclical phenomenon.
Certain scientists believe major climate changes are a natural cyclical phenomenon that has affected the world for millions of years.
Some analysts see evidence that increased economic sophistication in general has left voters more likely to view a recession as a cyclical phenomenon without political roots.