The Chinese People’s Economy is both a response to the high-level opening-up strategy and an organic integration of theoretical distillation and practical innovation—one that aligns with the unprecedented global changes unseen in a century and addresses the limitations of traditional GDP accounting. Its core essence lies in shifting the value orientation of China’s economic development from scale expansion to quality improvement and well-being enhancement, thereby constructing a new economic form rooted in domestic development, radiating globally, underpinned by industries, supported by policies, and characterized by shared well-being. This form adopts an accounting system featuring GDP as the foundation and GNI as the orientation, enabling the coordinated development of the Chinese economy and the Chinese People’s Economy as an integrated entity with two wings. It transcends geographical boundary constraints, shifting the research perspective from economic activities within territorial boundaries to wealth creation and well-being enhancement centered on the national population. Grounded in the theoretical foundation of high-level opening-up, it breaks the center-periphery exploitation system dominated by Western capital logic and practices the concept of mutually beneficial global resource allocation. At the practical level, it consolidates the foundation of domestic real economy through high-end manufacturing upgrading and consumption quality improvement, expands global investment layout based on the “Belt and Road” Initiative, and relies on a comprehensive overseas integrated service system to strengthen support for cross-border development. At the policy guarantee level, it forms systematic support by expanding institutional opening-up, advancing income distribution and social security reforms, and synergizing two-way investment policies. Currently, constructing the Chinese People’s Economy faces challenges such as insufficient core technology support, poor adaptation to international rules, and underdeveloped well-being sharing mechanisms. It is necessary to enhance core competitiveness through scientific and technological innovation, improve global resource allocation capacity via rule alignment, and realize shared well-being by optimizing the distribution and security system. This provides academic support for promoting domestic and international dual circulation and advancing the in-depth integration of high-level opening-up and high-quality development, as well as practical guidance for enhancing people’s well-being in the process of Chinese-style modernization.