Today, China is a heavyweight player in the arena of international investment. It has entered into around 150 international investment agreements [IIAs] in less than forty years.Footnote ¹ It has also transformed from a mere foreign direct investment [FDI] recipient into a giant of both inward and outward FDI. More importantly, China has progressed from a rule follower to a rule maker, with its bold and ambitious proposals such as the Regional Comprehensive Economic Partnership [RCEP], the One Belt One Road [OBOR] initiative, and the Asian Infrastructure Investment Bank [AIIB]. How has China achieved all these? The answers can be found in China's International Investment Strategy: Bilateral, Regional, and Global Law and Policy, edited by Professor Julien Chaisse of the City University of Hong Kong. Professor Chaisse is internationally renowned for his expertise in the area of regulation and development of economic globalization. His academic excellence is evidenced by his works published by Brill/Nijhoff, Springer, Kluwer Law International, Oxford University Press, and Cambridge University Press.

Professor Chaisse's latest massive volume consists of five parts, which deal with China's international investment regime, from national and bilateral dimensions to regional and global levels. The first part (Chapters 1–6) focuses on local and domestic issues underlying China's international investment policy, including tax effects on FDI, state-owned enterprises [SOEs], reforms on regulations of free trade zones, and sustainable development. The second part (Chapters 7–11) addresses the bilateral aspect of the Chinese IIAs and examines practice and emerging trends. Regional dimensions take centre stage in the third part (Chapters 12–15). Overall, Chinese IIAs in the Asia-Pacific region cover economies in different stages, from newly developing countries to advanced ones. China's ambition and success in promoting these IIAs shows its pragmatism, flexibility, and adaptation in regime setting. The fourth part (Chapters 16–22) turns to the international dimension, covering issues such as the proposed international investment framework, the political economy of the OBOR projects, China's role and interest in Central Asia, the scepticisms and political challenges posed by the EU and US against Chinese FDI, the international fraud and correction sanction system involving Chinese SOEs, and the potential ramifications of new international law architects under these Chinese factors. The final part (Chapters 23–27) addresses issues relating to investment disputes. Here, China's role in investment treaty arbitration, conflicts between China's competition legislation and its IIA obligations, and the prospect of mediating under Chinese IIAs are discussed.

China's global presence and influence in the field of international investment is undeniable. Understanding China's international investment strategy, including its domestic legislation, administrative measures, treaty practice, development policies, and international initiatives, is crucial for all stakeholders, and this book explores the Chinese mindset of strategy-planning and policy-making for international investment. This comprehensive and pioneering book assists in understanding the link between China's increasing global ambition and its normative ramifications. It is a critical milestone in the scholarly literature of international law because it provides a road map to the many issues that can arise under China's international investment law and policy, and proposes ways of ensuring effective, informed, and fair understanding in a field that is becoming increasingly important (and contentious).