Core Insights - The article discusses the challenges faced by global economies, particularly the ineffectiveness of Western economic governance models, and emphasizes the need for innovative governance approaches to ensure sustainable economic development [2][4]. Group 1: Economic Governance Challenges - Many countries are experiencing a lack of development momentum, widening wealth gaps, and accumulating economic risks, highlighting the need for more effective economic governance methods [1]. - Western developed nations, once leaders in economic development, are now grappling with issues such as slowing growth, severe inflation, high unemployment, and increasing wealth disparity, indicating a failure of their economic governance models [2]. Group 2: Critique of Western Economic Governance - The traditional Western governance model is based on a binary logic of "government vs. market," advocating for minimal government intervention and extensive market freedom, which has led to market failures and ineffective government responses [2]. - Western countries often react to economic issues with short-term fixes rather than proactive strategies, resulting in a cycle of addressing one problem while creating another [2]. Group 3: Xi Jinping's Economic Governance Theory - Xi Jinping's economic governance theory emphasizes a people-centered development approach, integrating economic governance with social construction, ecological protection, and national security [2][4]. - This theory advocates for a balanced relationship between government and market forces, promoting both government-led initiatives and the vitality of various economic entities [4]. - It stresses the importance of synchronizing development and security, ensuring that economic growth does not compromise risk management [4]. - The theory posits that there is no "one-size-fits-all" solution for economic governance, and countries should tailor their governance systems to their unique historical, cultural, and socio-economic contexts [4].