Abstract: The core connotation of high-quality Belt and Road cooperation is to build it into a “Road of Innovation”. Chinese enterprises' direct investment in the Belt and Road has the dual technical effects of reverse technology spillover to themselves and technology spillover to the enterprises in the countries along the Belt and Road. On the one hand,it can promote the innovation ability of Chinese enterprises through six effects such as research-and-development spillover,imitation and follow,economies of scale,self-selection,resource filling,and backward linkage.On the other hand,it can also promote the technological progress of the enterprises in the countries along the Belt and Road by three effects such as learning,competition and personnel mobility. Therefore,the basic strategy to promote high-quality Belt and Road cooperation is to uphold the principles of innovation-driven development,joint contribution and shared benefits,and build a B&R innovation and production community with China as its hub.

Key words: high-quality Belt and Road cooperation, foreign direct investment, reverse technology spillover, technology spillover