The Signing and Amendments of China's BITs with Countries along BR - Analysis Based on Game Theory

摘要

According to the game theory, a bilateral investment agreement (BIT) is a multi-player dynamic game, which involves not only contracting countries, but also potential investors. The preamble and purpose of the BIT are to define the scope of the game, while the investment definition is to further refine the scope of the game. During the process of signing the BIT, there are many times of the game process, and the bilateral effect to contracting parties is not the same. For capital-exporting countries, BIT plays a major role in protecting overseas investment; for investment host countries, BIT plays a role in promoting foreign investment. China's OFDI in countries along the Belt & Road (B&R) is rising in recent years. Among these countries, some countries are developing countries, while some are developed economies such as the European Union. At the present period China should actively sign and amend BITs with developing countries along B&R, and maintain the BITs with the developed countries status quo, waiting for substantial progress in the negotiations of BIT with EU.