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50 Hong Kong L.J. 1025 (2020)
Treatment Standards of State-Owned Enterprises as Public Entities: A Clash or Convergence across International Economic Law?

handle is hein.journals/honkon50 and id is 1033 raw text is: TREATMENT STANDARDS OF STATE-OWNED ENTERPRISES AS PUBLIC ENTITIES: A CLASH OR CONVERGENCE ACROSS INTERNATIONAL ECONOMIC LAWS? Bin Gu* and Chengjin Xu** The treatment standards of state-owned enterprises (SOEs) as public entities have far-reaching and significant implications against the background of China's rise and the reform of global economic governance. The relevant standards have been abundantly debated and tested in three areas of international economic law: international financial law, represented by multilateral development bank law; international investment law, represented by law of the International Centre for Settlement of Investment Disputes; and international trade law, represented by law of the World Trade Organization. After reviewing those areas of international law, the article concludes that a function-based approach has generally been observed in conducting the relevant examination, but some deviations, featuring an ownership-based approach, do exist. This finding is meaningful for the development of future international law, as well as for China's domestic SOE reform. Broadly, it is instructive on whether China's unique economic system, guided by a strong government, will be accepted by the international community, and if yes on what condition. 1. Introduction Are the state-owned enterprises (SOEs) public entities or private ones? This question becomes increasingly important for the international community against the rise of China in particular, which maintains a significant number of powerful SOEs and commits a leadership role for them in the economy.1 A lot of concerns have been aroused over China's Associate Law Professor, Beijing Foreign Studies University. Associate Researcher, the Centre for International Economic and Technological Cooperation and Corresponding Author. We are grateful for the anonymous reviewer's helpful comments. This article is sponsored by the National Social Science Fund of China, under a general project entitled AIIB Law and Governance in the Context of Global Economic Governance Reform, with an identifying number 19BFX210. I Some people use the term state capitalism to describe China's economic system, with the term being defined as a system in which the state functions as the leading economic actor and

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