The “Belt and Road” Initiative has evolved from a portrayed outline to a refined brushwork. Production capacity cooperation between Chinese enterprises and the “Belt and Road” countries has expanded，with accelerated growth of investment in key industries. While major projects have made headway，cooperation in the fields of e-commerce and service outsourcing has also deepened，in which overseas economic and trade cooperation zones have effectively played a demonstrative and leading role. However，under the continuing impact of the Covid-19 epidemic，the “Belt and Road” cooperation in production capacity is challenged by the difficulty of resuming work and production，the deterioration of the business environment of host countries，and the hindrance from developed countries. This highlights the importance of new development pattern that features domestic and international circulation reinforcing each other. It is necessary to improve policy system and advance policy implementation，speed up efforts in localization and compliance，and further promote third-market cooperation. On this basis，digital technology can be fully used to avoid risks，so as to better promote the “Belt and Road” cooperation in production capacity towards mutual benefits and win-win results.