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With the importance of sustainable development widely accepted, the relationship between natural capital utilization and economic development has become a global focus. This study analyzes the relationship between the utilization of natural capital and economic development in the countries along China's "Belt and Road" initiative using a panel regression model. The results show that the labor force, rural and urban populations, and exports and imports have a significant impact on both natural capital consumption and economic development. However, the impact of exports and imports on economic development here is contrary to economic theory and experience. We also find that there is still resource dependence in economic development and that natural capital consumption has a long-run impact on it. To address this, the "Belt and Road" countries should adopt comprehensive national and regional measures to build a mutually beneficial cooperative mechanism and trade environment. KEYWORDS economic development, Granger causality, natural capital utilization, panel regression model, sustainable development, the Belt and Road Initiative