Abstract: The new wave of technological revolution represented by generative artificial intelligence is transforming computing power from a back-end resource into a key new factor of production that drives economic growth, technological innovation, and national strategic competition. However, a theoretically robust and forward-looking framework and institutional roadmap for computing power governance at the global level have yet to be established. This paper systematically reviews the historical evolution and spatial distribution patterns of global computing power, and examines its economic attributes and both positive and negative externalities as a general-purpose technology, thereby clarifying the fundamental connotations and key dimensions of global computing power governance. Building on this foundation, through a comparative analysis of the strategic practices and institutional logics of computing power governance among major economies, the paper identifies the structural dilemmas facing global computing power governance and reveals their institutional roots. Finally, in light of the multiple objectives of global computing power governance, this paper proposes corresponding governance principles and policy pathways to advance an inclusive, pragmatic, and effective new order for global computing power governance.