Emerging Rules in International Investment Instruments and China’s Reform of State-owned Enterprises

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.