中文摘要：

20世纪以来，国际投资规则的发展历经坎坷。在哈瓦那宪章失败后，与贸易规则的发展出现分化，贸易规则在多边层面不断得到完善。晚近，投资规则与贸易规则在区域协定中再次统一，而投资规则多边化的努力屡遭失败。文章旨在回顾一个多世纪投资规则的发展历程，探讨规则博弈中各国的历程和观念，分析规则中的难点和焦点问题，为我国参与全球投资治理、扩大国际影响力提供经验和借鉴。

英文摘要：

Since the turn of the 20th centrury, the development of international investment agreement （IIA） suffered setbacks. After the failure of the Charter of Havana, the development of IIA takes a greatly different path from that of the trade rule, which constantly improves at the multilateral platform. In recent years, IIA and the trade rules merged in regional agreements. Nevertheless, the multinational investment agreement still failed. This paper revisits the history of international investment agreements in the last century, tries to uncover the differences of players in the negotiations, and explores the core problems. Experiences and references, which could be useful for our country to participate in the global investment governance and to expand its influence, might be found in this paper.