From Cautious Interaction to Mature Influence: China’s Evolving Engagement with the International Investment Regime

As the Belt and Road Initiative expands the global footprint of Chinese firms, Beijing increasingly relies on international law to protect investments overseas. How and why has China’s engagement with the international investment regime evolved over the past four decades? This article addresses these questions by examining the central component of the international investment regime: bilateral investment treaties (BITs). Through analyzing China’s BIT practice and the security exceptions in 1,173 BITs concluded by both China as well as its treaty partners, this article provides evidence of changing Chinese engagement, from cautious interaction (1978–1991) to active participation (1992–1997), committed implementation (1998–2012), and mature influence (2013–present). As Beijing accepted, applied, and shaped the rules and norms of the BIT system, China’s treaty practice co-evolved with the international investment regime. A co-evolutionary approach illuminates why—and how—state behaviour and international orders change over time.

从谨慎互动到成熟影响：中国参与国际投资体系之演进

关键词： 双边投资协议（BITs）， 国际秩序，共同演进。

随着一带一路战略将中国企业的足迹扩张至全球，北京正日益依赖于国际法来保护海外投资。在过去四十年里中国对国际投资体系的参与是怎样演进的，为什么？ 本文通过考察国际投资体系的核心部分–双边投资协议（BITs）–对这些问题进行了解答。通过分析由中国及协议合作伙伴达成的1173个双边投资协议中中国的做法以及安全例外条例，本文提供了中国对国际投资体系的参与从谨慎互动（1978-1991）、积极参与（1992-1997）、承诺执行（1998-2002）到成熟的影响（2013-目前）的演变的证据。随着北京对双边协议体系的规则和规范的接受、应用以及塑造，中国在条约方面的实践也与国际投资体系共同演进。一个共同演进的方法展示出为什么国家行为以及国际秩序会随时间推移而演变，以及如何演变。

Translated from English by Li Guo