Abstract: The practice of building the “Belt and Road” requires the escort of a fair and efficient investment and arbitration system. In this context, China should innovate the arbitration rules concerning investment so as to meet the international standards. However, the innovation of China's investment arbitration rules is faced with challenges of providing high-quality international arbitration products and services,of wining agreement by involved parties on applying to arbitration and consent on rulings to the dispute, and of enforcement of arbitration rulings. China needs to achieve its arbitration innovation by adhering to the concept of sharing and consulting in the context of “Belt and Road”, by ensuring neutrality and professionalism of arbitrators through the revision of the Arbitration Law and the renewal of bilateral investment agreements, and by improving the transparency of arbitration and establishing an appeal system.

Key words: international investment arbitration, arbitration rules, investment disputes, international economic law, Belt and Road Initiative