Based on the Cobb-Douglas production function and from the perspective of strong sustainability, this article introduces the financial structure, industrial structure, government intervention and opening-up degree into the framework of economic growth. We analyze the growth power and fluctuations of China’s economy between 1981 and 2014 together with the human capital, physical capital, energy consumption and the environmental pollution. It finds that the openness and industrial structure shows an inverted U-shaped relationship with the economic growth, while financial structure shows a U-shaped relationship with the economic growth. Presently, China’s economic growth mainly depends on physical capital and energy consumption, while the contribution of human capital and total factor productivity are small, and the environment-related economic growth is negative. However, the total factor productivity is an important source of economic fluctuations.