There are a couple of ways to go about this, but the easiest would be to choose a pattern that already has side seams on the skirt, modify the shape slightly, and then simply not sew the seams up all the way.
This would involve making a mockup where you can figure out where the slits need to hit on your hips, marking that point, and then making the seams below that point straight rather than curved. Typically, skirt seams (even on a mostly straight-fitting skirt) are curved to accommodate for hips, but since Chun Li’s outfit has the large slits with her hips poking out from the sides, changing this shape to be a straight line (meeting the bottom of the skirt at a 90° angle) rather than a curved line will create that effect when the seams above that portion are sewn.
This would be a matter of simply taking a long ruler, drawing a line straight down from the point you want the slit to hit, and removing that portion of the pattern, then not sewing the seam below that part. You will have to line, face, or hem the slit opening so that you don’t have raw edges, keep in mind. You can possibly do this (depending on the version you are doing) by sewing the raw edge into the gold trim.
I wouldn’t recommend going too far above your natural waist for the slit, since that would mess with the curve and fit of the garment due to it needing to flare back out above the waist to accommodate your ribs. It’s possible, but a bit more advanced.
The harder way to go about this would be if you wanted the side seams moved more towards the front of the garment, like in some references. This would involve combining the front and back patterns at the side there and blending them together, and then creating your new seam more towards the front. This is a more advanced patterning technique, however, and not how most skirts with this style of slit would be made in real life (front and side front slits are usually patterned differently).
When making this, be sure to have the proper undergarments for the high slit, as well. I would recommend high-cut seamless panties in a color close to your skin tone, dance tights, and then decorative high-cut briefs over the tights, in that order. The seamless, high-cut underwear should blend well under the tights in case it peeks past the edge of the decorative undies, and the decorative briefs will not only give you the canon appearance of her briefs (usually drawn as the same shade of blue as her dress), but will prevent it from looking like you are flashing people when you move. Here is a tutorial on how to make custom high-waisted briefs.
If there is a more specific look you are going for, feel free to drop some images in the submit so that I can help with that.
I hope that helps! Good luck. :]