China and the Investment Treaty Regime: Rule Taker or Rule Maker?

The year of 2018 marks the 40th anniversary of China’s opening-up policy, which gives us a great opportunity to review China’s developments and contributions in the area of international investment treaty regime. Since its first bilateral investment treaty (BIT) with Sweden in 1982, China has signed BITs with more than 130 countries. Indeed, China’s practice in international investment law is also a microcosm of China's participation in general international law. When signing BITs, China mainly follows the template or style as set by western countries. Yet with the development of China’s economic growth, China is more willing to establish its own approach toward the investment treaties. The Belt and Road Initiative (BRI), and the BITs negotiations separately with the US and the EU, reveals China’s proactive approach to participate in the global economic governance. The experience in dealing with the cases filed with foreign investors against China also enables China to review its BIT policy. In a time of anti-globalisation, China’s more open and liberal attitude toward foreign investment not only helps to restore foreign investors’ confidence, but also to maintain the stability of the international investment law regime.