The practice of International Investment Agreements (IIAs) has developed immensly during the past 15 years. In particular, China has gained significant experience in concluding IIAs, adapting to concerns raised following an overflow of investor state disputes. This article analyzes an interesting case-study: an investment promotion agreement signed and negotiated between China and Israel (CIBIT) during the 1990s, however ratified more than a decade later, in 2009, without modifying or updating its contents. This commentary identifies major gaps in the CIBIT, including those concerning its preamble, key definitions of ‘Investment’ and ‘Investor’, standard of protection: FET, MFN, NT, and ISDS provisions, vis-à-vis the wider transformation of international investment law. Special emphasis is given to China’s change in approach to investment and IIAs. The growing economic ties between China and Israel, including recent discussions about a free trade agreement, requires a thorough understanding of the risks and benefits of the CIBIT. Therefore, the commentary concludes with an outline of a strategic roadmap for the future revision of the CIBIT.

I. Introduction
    A. The Fragmented Practice of International Investment Agreements and the CIBIT
    B. Outline
II. The Evolution of the Parties’ Investment Strategies and Considerations
    A. China’s Investment Strategy and Policy Considerations
    B. Israel’s Investment Strategy and Policy Considerations
III. Analysis of the Key Provisions of the CIBIT
    A. General Introduction and Preamble
    B. Term, Survival and Application
    C. Ratione Materiae and Ratione Personae
    D. Promotion and Admission of Investments, Fair and Equitable Treatment and Full Protection
    E. Most Favoured Nation and the Missing National Treatment
    F. Expropriation, Compensation, Necessity and Exceptions
    G. Investor State Dispute Resolution
IV. Conclusion: Roadmap
References

• Hadas Peled(Tsinghua University School of Law, Bar Ilan University, Israel Bar, Hebrew Univ. of Jerusalem)