residue as the raw material. As one of the preconceived raw material to produce high-quality coal-based carbon material, the changes of structure of CLP during liquid-phase carbonization process have been detailed investigated in this study. Actually, FTIR and curve-fitted method were used to quantitative analyze the aromaticity index (Iar), the ratio of CH3/ CH2, and basic functional groups (C=C, C=O, and C–O) of CLP and its liquid-phase carbonization products. Polarizing microscope, XRD and curve-fitted methods were used to characterize the microstructures of CLP and derived products. The results show that, branched chain and C=O group are the active reaction point in liquid-phase carbonization process. What’s more, 450 °C is a critical temperature point on the severe thermal polycondensation of CLP. The XRD and curve-fitted analysis of CLP and its liquid-phase carbonization products shows that, the stacking height (Lc), parallel layers (N), and the numbers of aromatic ring in each layer (n) are gradually larger with the improve of liquid-phase carbonization temperature.

China’s foreign investment has been growing rapidly since 1990s. In this course, the first investor-state arbitration case raised by a mainland Chinese investor, Ping An v. Belgium, drew attention to an important issue – jurisdiction ratione temporis in successive international investment agreements. It is controversial in theory and practice as to whether the basic principle of non-retroactivity should apply to the dispute settlement clause in a successive agreement. This is especially true when tribunals are interpreting different kinds of jurisdictional clauses. This paper will take the Ping An Case as an opportunity to thoroughly analyze the issue of temporal jurisdiction in successive international investment agreements. Based on such analysis, this paper will also do reflection on relevant articles in China’s existing investment agreements, providing suggestions to China regarding the issue of jurisdiction ratione temporis, in an effort to make arbitration more certain and avoid possible dismissal, as occurred in the Ping An Case.