Abstract: This paper takes G Town in Guizhou Province as an example to explore the sustainable development path of comprehensive land consolidation in mountainous townships of Western China. The study constructs an interactive cycle framework of 'spatial restructuring-industrial implantation-capital flow', defines the consolidation practice as a 'spatial governance platform', and systematically analyzes the practices of G Town: laying a solid foundation via spatial restructuring, establishing an 'endogenous' industrial system, innovating the 'platform company + market-oriented operation' model, and achieving long-term financial balance through diversified operational revenues. It further extracts an implementation pathway of 'one core, two cycles, three keys', namely, taking long-term capital balance as the core, constructing an internal industrial cycle and a virtuous capital cycle, and grasping three key elements: upfront integrated planning and operation, specialized government-enterprise division of labor, and portfolio-based financial investment, which provides both theoretical and practical references for addressing the sustainability challenges of land consolidation in western Chinese townships.