Abstract: As an important part of Xi Jinping’s economic thoughts on socialism with Chinese characteristics in the new era, Xi Jinping’s important expositions on the construction of a new development pattern of “dual circulation”have profound value implications. This is embodied in the theoretical innovation value with deepening the understanding of the laws of social development as the logical orientation, the realistically-oriented value of promoting high-quality economic development, the object-construction value of reshaping China’s international cooperation and new competitive advantages, and the world-leading value of injecting new ideas into the recovery of the world economy. Faced with the dilemma of the rising tide of anti-globalization and the continued sluggish growth of the world economy under the influence of the COVID-19 outbreak, the appearance of this ideological system not only provides a fundamental basis for China’s economic development, but also points out the direction of global economic development, which possesses the dual meanings of eliminating domestic development constrains and solving the world’s development problems.

Key words: Xi Jinping, dual circulation, new development pattern, supply-side structural reform