As a product of the late twentieth century, international investment law continues to grow. So does the literature on it. Professor Guiguo Wang’s latest book is an outstanding contribution to such growth. Essentially based on his syllabus of the course on Selected Problems of International Investment Law he jointly taught with his mentor, Professor W. Michael Reisman, the book clearly reflects the teachings of the New Haven School of Jurisprudence. Appropriately, it approaches international investment law by addressing the following questions: first, what has been done from the past to the present? Second, what is likely to be done in the immediate future? Lastly, will this best serve what we believe to be the common interest of our international community?
Presented in a very systematic and comprehensive manner, the book is divided into eleven chapters. The first two chapters are of an introductory nature, addressing investment and law and the control system to direct foreign investment. The next chapters focus on foreign investors, foreign investments, consent as a condition of jurisdiction, absolute and relative standards of treatment, expropriation, compensation for violation of obligations, state responsibility and enforcement of obligations, and conclusions and alternatives, respectively. They start by examining, analyzing, and appraising trends in decisions in international investment law, focusing on decisions rendered by the tribunals of the International Centre for Settlement of Investment Disputes (ICSID), other tribunals, and ad hoc committees of the ICSID. Later, they present China’s relevant practice which is of both historical and contemporary value as it is examined in chronological order. Of particular note are Chapters Four and Eight. The former traces the development of the definition of “investment” in different generations of Chinese BITs. The latter shows how far China has come in bringing its expropriation and compensation practice close to the general trend of the international community. Thus, it is rightly said in the Foreword that “[n]otwithstanding its sub-title, this book is not so much a Chinese perspective on international investment law as a systematic examination and appraisal of trends in decisions in international investment law” (p. x).
In brief, this treatise is of immense value, both academically and practically. However, it would have benefited greatly from having chapters on investment-related issues, such as security, human rights, environmental protection, and sustainable development especially as viewed from a Chinese perspective. In addition to important earlier works on the subject, including Chinese Investment Treaties: Policies and Practice Footnote 7 and China and International Investment Law: Twenty Years of ICSID Membership,Footnote 8 this book will be indispensable for practitioners, scholars, and students who are interested generally in international investment law and particularly in China’s participation in the field.
