It was so good to see the Chinese edition of the book International Investment Law Reconciling Policy and Principle by Professor Surya P. Subedi of the University of Leeds translated by Dr Lei Zhang and published by Law Press in China in 2015. Translation of Western classic work into Chinese has helped the development of international law in China. The history of the translation of the books in international law in modern China can be traced to Public Law of Nations, which took place in 1864, when an American missionary W.A.P. Martin translated Elements of International Law, written by American jurist Henry Wharton, into Chinese. From then on, few other law books authored by Western scholars have been translated into Chinese. The process flourished in the 1930s, but after 1949 there was more or less a dead period for the translation of Western work into Chinese and there was not much interaction with the work of Western scholars.

The situation began to change in the 1990s and there has been a renaissance in translation in China of work written by Western scholars. As stated by Professor Lin Yanping, Vice President of East China University of Political Science and Law (ECUPL) in the Introduction to the Chinese translation of Subedi’s book, a number of leading books have been translated into Chinese since the mid 1990s. There were a number of projects undertaken in China to translate work by foreign scholars into Chinese. However, most of these projects focused on municipal law. Translation of books in international law has been limited. The good news is that in 2015 ECUPL organized a series of translation of books in international law published by foreign scholars into Chinese, which is named: Translations of Contemporary International Law. Subedi’s book on International Investment Law was chosen for inclusion in this series.

The translator of Professor Subedi’s book, Dr Lei Zhang, is an Associate Professor at the School of International Law, ECUPL, and the Law Press is one of the prestigious publishers in China. I believe that the Chinese edition of Subedi’s book will help Chinese academics and students learn more about the system of foreign investment law and benefit from the different perspectives that Subedi offers. Professor Zhang has done a commendable job in translating this book. The quality of the Chinese translation is very high. It is not easy for anybody to translate books written in foreign languages and more so for law books which have a great deal of technical words and concepts. Professor Zhang should be congratulated for the care and skill that he has employed to translate this book. As a result, the Chinese edition is pleasant to read and easy to follow. I am confident that it would be a valuable source of reference in international investment law in China.

Professor Surya P. Subedi is at the forefront of international law, with his book International Investment Law: Reconciling Policy and Principle presenting a panoramic view of the law of foreign investment from its evolution to current challenges. Witnessing the repeated disappointment facing the multilateralization of foreign investment law over the past six decades, he provides us with a thorough and succinct analysis of almost every important element in the area of international investment law.

Shining aspects of Subedi’s book include his sharp insights into current issues in foreign investment law and his forward-looking proposals for addressing current challenges. For example, facing the problem posed by the expansive or creative trend in interpretation to BITs by some tribunals (pp. 156–57), the author supports the idea of creating an appellate mechanism against arbitral awards (pp. 198–201). At present, the lack of appellate mechanism makes the system less predictable for governments and investors alike. In fact, on 16 September 2015, the European Commission published its Draft text on Investment Protection and Investment Court System in the Transatlantic Trade and Investment Partnership (TTIP), in which the EU has proposed to include a bilateral appellate mechanism for international investment disputes, which is the most striking provision of this Draft.

As to the issue of the catch-all interpretation of the principle of fair and equitable treatment by many tribunals (pp. 168–71), Subedi submits that a set of interpretative statements could be issued by the States party to bilateral investment treaties or free trade agreements or a set of draft Articles by the International Law Commission (pp. 192–193). This suggestion was accepted in the EU-Canada Comprehensive Economic and Trade Agreement of 29 February 2016 (CETA). The Investment Chapter (Chapter Nine) in the Trans-Pacific Partnership (TPP) signed on 4 February 2016 also has provisions for issuing binding joint interpretations, which ensures TPP Parties can agree on the interpretation of the agreement that is then binding on tribunals. Some other suggestions addressed by Subedi, such as the creation of an International Investment Court (pp. 201–202), have not yet found reference in BITs or FTAs. It is an ambitious plan, but is not groundless. In fact, efforts made either by multilateral organizations, or by bilateral agreements are intended as stepping stones towards the establishment of a multilateral system for investment disputes.

In conclusion, this book is highly thought provoking and stimulating. The Chinese edition is a very welcome addition to the literature in Chinese on international investment law.