Treasury Sees Chinese 'National Security' Review Tools Undercutting BIT

The U.S. Treasury Department is growing wary that Chinese authorities are empowering themselves with new, broader legal means to prohibit foreign business operations and effectively undermine any concession the Chinese government may make in negotiations for a U.S.-China bilateral investment treaty (BIT). China's draft "Foreign Investment Law," as well as provisions rolled out on a pilot basis in some of China's free trade zones, includes foreign investment review mechanisms that would allow authorities to block investments on the basis of...