The relationship between the real economy and the fictitious economy has been the subject of academic attention, and in recent years the ＂off real to fictitious＂ problem existing in Chinese economy is the major economic structural problem which is addressed by the government. However, there is no consensus at the theoretical level or at the policy level about what the real economy is and the scope of the real economy. This paper proposes innovatively a layered framework for classification of the real economy. The first level of the real economy, R0, is the manufacturing sector, which is the core part of the real economy, so it can be recognized as the concept of the real economy in the narrow sense. The second level of the real economy, R1, including R0, agriculture, construction, and other industries except manufacturing, is the main part of the real economy, and is the concept of the real economy in general or in the traditional sense. The third level of real economy, R2, including R1, wholesale and retail trade, transport, storage and postal services, accommodation and catering services, as well as all other services except the financial and real estate sectors, is the real economy as a whole, and is the concept of the real economy in a broad sense. The national economy constructs by R2, the financial sector and the real estate industry, the economy which is made up of the real economy and the fictitious economy. Based on this classification framework, this paper calculates the growth of three levels of the real economy since the 18th National Congress of the Communist Party of China, and finds that China has made great achievements in the real economy, and has developed into a worldwide entity economic power. However, there exists such serious structural imbalances in the real economy that manufacturing structural imbalance between supply and demand in R0, the imbalance in the service sector and industrial development in R1, and the structural imbalance between the real economy and the fictitious economy in R2. Based on mechanism analysis of structural imbalances in the real economy, this paper puts forward the following policy strategies for healthy development of the real economy in the future. The first is to improve the quality of supply system of manufacturing, deepen the structural reform of the supply front, and solve manufacturing structural imbalance between supply and demand. The second is to form harmonized relationship between industry and services, resolve the industries structural imbalance, build innovationdriven, efficiency-oriented modem industrial system. The third is to insist ＂the real economy determinism＂ under the normal of ＂separation of the real economy and the fictitious economy＂, resolve ＂structural imbalance between the real economy and the fictitious economy＂ from the institutional mechanism, and switch the focus of risk prevention from concerning about the risk in the financial sector to systemic economic risk in the long-term.