Due to the extensive integration of renewables, the proportion of conventional generating units continues to decline, resulting in substantial change in the capacity mix. Without accurate evaluation of the credibility of newly installed capacity, there would be a possibility of insufficient reliable capacity in the power system, thereby undermining the reliability of power supply. Consequently, this paper proposes a bi-level model to assess capacity credit within the nexus of capacity expansion and capacity markets. Employing Equivalent Firm Capacity (EFC) as a metric to evaluate capacity credit, this model employs an iterative approach to identify reliable capacity. Subsequently, utilizing the annual net load of a provincial power system as a case study, an analysis is conducted to illustrate the evolution of capacity credit. Moreover, the study examines the implications of interactions among multiple renewable energy stakeholders on their respective capacity credit.