本文旨在对20世纪80年代初期以来中国双边投资协定(BIT)政策的演变进行实证性研究,并将其与发达国家的现行做法进行比较分析。通过分析实体性和程序性投资保护条款的发展状况,本文指出中国已经积极着手对其先前约束性BIT政策进行大幅变革,使之朝自由化方向发展。自1998年以来,中国不停地商签含有综合性投资者—东道国争端解决条款的BITs。中国甚至已经改变了其反对外国投资者享有国民待遇的立场。尽管中国目前仍对无条件国民待遇持保留态度,但中国现行的协定范本已可以与欧洲国家采纳的BIT范本相比。然而,已启动的中美BIT谈判前景看似相当暗淡。这主要归因于以下两个因素的影响:一是双方就准入前FDI保护存在根本性的意见分歧;二是美国当前强调应关注来自其他发达国家和新兴国家投资者对美国国家安全影响的政治环境。 This paper aims to make an empirical study of the evolution of the BIT policy in China since the early 1980s and to compare it with current practices in developed countries. By analyzing the development of substantive and procedural investment protection clauses, this paper points out that China has actively started to make drastic changes to its previous binding BIT policy so that it will move towards liberalization. Since 1998, China has constantly negotiated BITs that contain a comprehensive investor-host country dispute settlement clause. China has even changed its stance against foreign investors enjoying national treatment. Although China still has reservations about unconditional national treatment, the current model agreement in China can already be compared with the BIT model adopted by European countries. However, the prospect of the start of Sino-U.S. BIT negotiations looks rather gloomy. This is mainly due to the following two factors: First, there is a fundamental difference of opinion between the two parties regarding the protection of pre-access FDI; secondly, the United States now emphasizes that it should pay attention to the impact of the investors from other developed and emerging countries on U.S. national security Political Environment.