The policy coordination of domestic and overseas dual circulation is an important guarantee for building the new development paradigm. Based on the CPC central committee and Chinese central government’s policy texts about promoting the “Belt and Road” initiative and industrial upgrading from 2013 to 2020, this paper analyzes the coordination of international cooperation policies and domestic industrial policies in promoting domestic and international economic circulation through the insight from the “policy objectives”- “policy instruments” network. This paper finds that China’s economic policy is evolving towards a “dual coordination” policy system, which allows domestic and international policies coordinate each other with the domestic policies as the mainstay. The “Belt and Road” initiative policy presents characteristics of extraversion, pioneering, and platform-based, while the industrial transformation and upgrading policy presents the characteristics of introversion, adjustment, and supervision. Based on this complementary relationship, this paper interprets the policy path of the new development paradigm as “supporting the overseas circulation with the domestic, feeding back the domestic circulation with the overseas”. These findings have important implications for building the coordinated new development paradigm policy system.