The　impact　of　financial　conditions　on　Chinese　macroeconomic　activities　has　recently　received　considerable　attention.　This　paper　utilizes　a　constructed　Chinese　financial　conditions　index　(FCI)　to　appraise　the　role　of　financial　conditions　in　Chinese　growth　at　risk,　and　further　traces　the　influencing　factors　of　tail　risks　of　macroeconomic　activities.　The　findings　reveal　that　financial　conditions　may　lead　to　an　increase　in　future　tail　risks　for　macroeconomic　activities,　and　financial　conditions　are　associated　more　with　downside　risks　than　with　upside　potential.　Moreover,　the　extension　degree　of　financial　conditions　in　relation　to　the　tail　risks　of　macroeconomic　activities　displays　time-varying　and　heterogeneous　characteristics.　In　particular,　financial　conditions　have　a　more　pronounced　effect　on　the　tail　risks　of　investment　growth.　Additionally,　this　paper　provides　direct　evidence　from　a　financial　perspective,　suggesting　that　M2　is　a　common　factor　of　the　tail　risks　of　macroeconomic　activities,　and　treasury　yields　play　a　crucial　role　in　tail　risks　related　to　consumption　growth.　Simultaneously,　the　real　effective　exchange　rate　of　the　Renminbi　Yuan　emerges　as　a　vital　factor　in　tail　risks　regarding　import　and　export　growth.　Our　results　provide　valuable　insights　for　the　government　in　addressing　macroeconomic　risks　and　formulating　relevant　policies.