Change of the Structure of International Investment and the Development of Developing Countries' BIT Practice ：

 Towards a Third Way of BIT Practice

Cai  Congyan

INTRODUCTION

It is safe to maintain that capital-exporting countries referred to developed countries and developing countries were pure capital-importing countries before the 1990s. Accordingly, the conflicts between capital exporters and capital importers are the very conflicts between developed countries and developing countries,' and Bilateral Investment Treaties (BITs) 2 have been concluded between developing countries and developed countries. In fact, BIT is widely-known as one of the major vectors of South-North Conflict, and whether and how to conclude BIT is regarded as an important issue in the pursuit of New International Economic Order (NIEO).

Since the 1990s, the traditional structure of international investment has been changing. While still playing a part as the net capital importers, a few developing countries have been exhibiting remarkable capability of capital-exporting and their great potential is appraised with great expectation. These developing countries, even as awhole, will play a significant role in capital exporting and the situation that the developed countries fully dominate the capital exporting will be gone.

Although this kind of change is moderate, it will definitely bring about far-reaching influences not only on the developing countries' BIT practice, but also on that of developed countries. This article focuses on the former one. Besides the Introduction and Conclusion, the article reviews characteristics of the structure of international investment and developing countries' BIT practice before and after 1990s and the logical relationship between them. Based upon that, the author predicts and analyzes the possible developments of and risks incurred by developing countries' BIT practice from the perspectives of conservatism and liberalization respectively. After criticizing the traditional dichotomy of conservativeness and liberalization in BIT practice,Development-Oriented is proposed as a Third Way to guide the future BIT practice of developing countries, including China.

Citation：Congyan, Cai. "Change of the Structure of International Investment and the Development of Developing Countries' BIT Practice-Towards a Third Way of BIT Practice." J. World Investment & Trade 8 (2007): 829.

Reference：

http://heinonline.org/HOL/Page?handle=hein.journals/jworldit8&div=48&start_page=829&collection=journals&set_as_cursor=5&men_tab=srchresultshttp://jiel.oxfordjournals.org/content/15/1/29.abstract

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