In this essay I survey the key themes within China's discourse on international order, especially how China views its position and role in shaping the existing and future order. I go on to explore the possible implications of China's thinking and actions toward the existing international order. I conclude that overall, China sees no need for and hence does not seek fundamental transformation, but rather piecemeal modification of the existing order. In fact, China has been quite content with the existing order that supports globalization, despite occasional rhetoric indicating otherwise. In the near future, China will likely invest heavily in two key issue areas: (1) regionalism in East Asia and Central Asia; and (2) interregional cooperation and coordination. Perhaps unsurprisingly, China's ambitious “One Belt and One Road” initiative seeks to integrate these two issue areas.

With the rise of a new generation of investment policies, upgrading existing bilateral investment treaties (BITs) is of significant interest to states. China has upgraded 28 per cent of its investment treaties in various ways. Two investment arbitration tribunals and one highest court at the seat of arbitration have recently rendered decisions favouring the application of old Chinese BITs over the upgraded ones. China's experience with upgrading BITs may provide general policy discourse and direction for other countries planning to upgrade their BITs. Using China's experience, this article categorizes different methods of upgrading BITs into the Coexistence Model (parties to an old BIT join existing or new free trade agreements or a regional investment agreement), the Replacement Model (replace an old BIT with a new one), the Amendment Model (amend an old BIT by a protocol) and the Joint Interpretation Model (make a diplomatic announcement to interpret a BIT). This article also discusses the benefits and challenges of each model and concludes with directions for future BIT upgrading.