This chapter unveils the evolutionary pattern of China’s BIT practices as well as the underlying logics of China’s BIT policies through statistical and textual analysis of China’s BITs. In the analytical paradigm of the return of the state, China has been a capital-importing state for a long time. Consequently, its BIT policy reflects its capital-importing status in that it aims toward attracting foreign investment. While developed countries are now in the trend of returning to state sovereignty by stressing their right to regulate, China has been slightly leaving its nonliberal position of overly preserving its sovereignty. Being now a capital exporter, China may be more conscious of stricter investment protection and less sovereign control. Nevertheless, substantive and procedural standards in Chinese BITs are still quite conservative without granting foreign investors too-liberal rights. China’s economic liberalization may be quite limited, though it claims to advocate globalization, in particular free trade and investment facilitation, by taking on a leadership position in globalization.