The recent years witnessed the emergence of international investment agreements (iias), such as the u.s. model bit in 2012, and more prominently, the Trans-Pacific Partnership (tpp) in 2015, which often embody provisions for state-owned enterprises (soes). The soe rules, as well as their predecessor, the oecd Guidelines on Corporate Governance of State-Owned Enterprises, aim to impose strict regulations on the soes and to exert great influence on the state-led economies. China has been seen in constant reform of its soes, and is now in the midst of negotiating a bit with, and the u.s., and a bit with the European Union. Against this backdrop, China’s soe reform will be relevant to the emerging investment rules governing soes.
China is upgrading its bilateral investment treaties (BITs), and in the meantime embracing free trade agreements (FTAs), which can be accommodated to offer international investment rules (IIRs). A specific question in this regard will be: shall the investment issues be left to the upgraded BIT or proposed FTA? Given the trend that the investment rules embodied in the FTAs are increasingly intended to replace BITs between contracting states, this question, which poses a preliminary issue to the trade policy-makers of China and its partners, must be addressed from the public policy choice point of view. The paper argues for a sequencing of bilateral investment rule-making and proposes that unless the proposed FTA with investment rules is to leave policy space for the government, the BIT shall be given a due role to play in the course of economic integration between China and its partners.
China's Foreign Investment Regime in Transition
Editor-in-Chief Qingjiang Kong
The Chinese Journal of Global Governance (CJGG) is dedicated to the studies of the legal development in the globalization era, and particularly to the global governance and its interaction with the international rule of law. CJGG aims to provide a forum for scholars, practitioners and policy-makers to discuss a broad range of legal issues about globalization, global governance and international law. The journal considers articles that provide in-depth analysis of global governance issues, the impact of global governance on international legal order, and the response of international communities, nation states and non-governmental organizations in terms of international institution-building and international law enforcement. Normative analyses and empirical studies in the area of global governance are welcome in CJGG as the journal will cover certain "core" fields such as international law, international studies, international politics and economics.
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Qingjiang Kong and Xiaojuan Ping
There is a growing concern that China has become more assertive in its foreign policies. The fear is whether China’s economic growth may translate into modern and effective military advancement. This engenders the critical question of whether China feels comfortable in the current international order, which is defiPed by international law and institutions. This article argues that the Chinese approach to international law and institutions is tightly associated with its evolving attitudes towards them. With its opening-up, China now views multilateralism as a way for the international community to constrain the capriciousness of a superpower, and regards the international institutions simply as power sharing development. However, China’s integration in international institutions represents its attempt to work within international norms to pursue its interests. It also shows China’s effort to hedge against American influence, and signals China’s emergence as an active player in the international arena.