This chapter analyzes the investment liberalization provisions in China’s fourth-generation investment treaties. First, it contextualizes the discussion by outlining the promotion and evolution of investment liberalization in investment treaties (Sect. 2.1). Next, it examines China’s historically restrictive approach to investment liberalization, as evidenced in its first three generations of investment treaties and its former foreign investment regulatory regime (Sect. 2.2). Subsequently, the chapter analyzes China’s evolving policy stance on investment liberalization through two key developments: (1) the establishment of a new, open, and liberalized foreign investment regulatory regime under the New Foreign Investment Law; and (2) the corresponding substantial and comprehensive liberalization commitments in its fourth-generation investment treaties (Sect. 2.3).