(Bloomberg) -- The Chinese Communist Party has a new catchphrase to guide its economic policy, a “cross-cyclical” approach that government advisers say means taking action sooner, in smaller steps and with a longer time frame in mind. It’s a departure from counter-cyclical policy, which is when central banks and governments add stimulus to spur a slowing economy -- like cutting interest rates or taxes and boosting infrastructure investment -- and tighten when growth starts accelerating. Officials haven’t outlined what “cross-cyclical” policy entails, but several economists with links to the government say the objective is to take action that’s preemptive and...