On May 8, 2025, China and Russia reportedly signed a revised bilateral investment treaty, replacing their existing 2006 bilateral investment treaty. The revised treaty is reported to contain an investor–state dispute settlement provision, confirming both states’ continued reliance on arbitration as the primary dispute settlement mechanism, despite growing debates on ISDS reform. Analysts note that the revision comes amid geopolitical realignment and rising trade flows between the two countries. In particular, the new investment treaty is viewed as a strategic instrument for facilitating Chinese investment in Russian energy, infrastructure, and technology projects, while providing Russian investors with reciprocal protection in China. The text of the revised treaty is not yet publicly available.