The COVID-19 epidemic outbreak, combined with the economic and trade disputes initiated by the US government, have posed great challenges to China’s economic development. The Political Bureau of the CPC Central Committee has proposed the strategic choice to accelerate the establishment of a "dual circulation" development pattern in which domestic economic cycle plays a leading role while international economic cycle remains its extension and supplement. However, at present, China is faced with such problems as high system cost, high financing cost, overcapacity of medium and low-end manufacturing industry, low disposable income of residents and unreasonable proportion of expenditure, which restricts the shaping of the "dual circulation" development pattern. Therefore, based on governance theory, focusing on the layout of the 14th Five-Year Plan, to build a "dual circulation" development pattern, we must activate the vitality of civil society, innovate the system of government governance, economic governance and social governance, lay a social and economic foundation in the aspects of system, social trust, economic structure, consumption structure and educational equity, through consumption driven by domestic circulation, investment driven by high-end industry and optimization of resource allocation to create a development environment full of trust, confidence and expectation.