Core Insights - The core viewpoint emphasizes the need for China to develop an independent economic management knowledge system by 2030, as highlighted by the Dean of Peking University's Guanghua School of Management, Liu Qiao [1][2] Group 1: Economic Development and Theoretical Framework - Liu Qiao discussed the unique government-market development model in China over the past 40 years, which has facilitated a significant industrial revolution, yet acknowledges the need for a more systematic theoretical response to the oversimplified understanding of the government-market relationship [1] - The rapid advancement of frontier technologies such as artificial intelligence, big data, and cloud computing is reshaping business logic and economic operations, necessitating a reevaluation of the role of the securities market and the exploration of governance models that meet new era demands [1] Group 2: Innovation and Growth Strategies - Post-industrial revolution, there has been a decline in total factor productivity in China, prompting the need to invest in key sectors like digital transformation, new infrastructure, and carbon neutrality to unleash the exponential effects of technological capability changes [1] - Liu Qiao emphasized the importance of institutional reforms to stimulate the entrepreneurial and innovative vitality of 180 million market entities, aiming to create new growth resources for the Chinese economy [1] Group 3: Research and Knowledge Creation - Liu Qiao highlighted that China is becoming a unique research field, where every reform and innovation represents a forward-looking knowledge exploration, providing a rare opportunity to construct an original knowledge system in management disciplines [2] - The Guanghua School of Management aims to build an original theoretical system in Chinese economics and business management, targeting significant breakthroughs in key academic areas related to national strategic needs and major contemporary issues [2]

Core Viewpoint - The article discusses the challenges faced by Western economic theories in explaining the complexities of economic development, particularly in the context of China's unique economic landscape and the need for a distinct Chinese economic theory [1][3][9]. Group 1: Challenges of Western Economic Theories - Western economic theories have increasingly struggled to address fundamental issues of economic development, leading to a crisis in their explanatory power [3][4]. - The inherent bias in Western analytical paradigms tends to overlook critical variables such as large-scale economies and unified markets, which are essential for understanding the Chinese economic context [4][10]. - The simplification of complex economic issues into linear relationships has exacerbated the difficulties faced by traditional Western economic theories in explaining real-world phenomena [4][7]. Group 2: Limitations in Understanding China's Economy - Western mainstream economics has not effectively adapted to the unique characteristics of the Chinese economy, leading to a credibility crisis in its theoretical applicability [9][10]. - The lack of localization and adaptation of Western economic theories to the Chinese context has resulted in significant gaps in understanding the dynamics of China's socialist market economy [9][10]. - Key variables that are crucial for understanding China's economic growth, such as its vast market size and cultural factors, have been largely ignored by Western economic theories, leading to a persistent explanatory crisis [10][11]. Group 3: The Need for a Chinese Economic Theory - There is a growing movement within the Chinese academic community to establish an autonomous knowledge system for economics that is rooted in China's development and reform practices [1][12]. - The construction of a new economic theory should be based on the successful practices of Chinese modernization, aiming to break free from the ideological biases of Western economics [12][13]. - A systematic approach to developing a new economic terminology and framework is essential for accurately reflecting the realities of the Chinese economy and its unique characteristics [13].