The new development paradigm featuring dual circulation is a major strategic choice under the background of Chinese economic globalization. We can take the domestic demand-led global value chains as the research perspective of the new development paradigm. Constructing the new development paradigm is not only due to the theoretical logic of the dynamic evolution and deepening of the division of labor in the global value chain under the great technological change, but also to the historical logic of the natural transition of the economic development trend since the reform and opening up, and more importantly, to the realistic logic of the change on the demandside, supplyside and systemside after entering a new stage of development. The overall framework for constructing a new development paradigm can be summarized as follows: first, to build the domestic value chains and foster a domestic circulation based on the domestic market; second, to promote the realization of a deep connection between the domestic value chains and the global value chains, and use the domestic circulation to drive the international circulation; third, to take advantage of international circulation for reinforcing domestic circulation and form the new development paradigm. The execution of the policy focuses on adhering to promoting high-quality development, deepening the supply-side structural reform, upholding a systematic concept, ensuring both development and security, and accelerating the building of a modernized economy.