Ko-Yung Tung, former Vice President and General Counsel of the World Bank and
former Secretary General of ICSID, is currently Senior Counsel at Morrison & Foerster
LLP in New York. He holds a B.A. from Harvard University and a J.D. from Harvard
Rafael Cox-Alomar is currently an associate at Morrison & Foerster LLP in
London. He holds a B.A. from Cornell University, a D.Phil. from the University of
Oxford (Marshall Scholar) and a J.D. from Harvard Law School.
1 Note that the new China-Netherlands BIT entered into force
China is undoubtedly moving in a new direction, and its ever more intense
investment agenda confirms it. China’s ratification of a host of new generation
Bilateral Investment Treaties (“BITs”), mostly signed at the beginning of the 21st
century, constitutes an unequivocal signal that it is plodding along a new road.
The recently ratified Chinese BITs with the Netherlands,1 Finland,2 Germany,3
Bosnia Herzegovina,4 Trinidad and Tobago,5 and Guyana,6 inter alia, are
emblematic of the new scenario. These new BITs have considerably expanded the
universe of disputes that can now be submitted to international arbitration,
including purely contractual claims if seen in light of the umbrella clauses7