The negotiation on the bilateral investment treaty between China and the USA in October 2012. So far, the two parties have almost reached agreements on preamble, scope of investor, most-favored-nation treatment, fair and equitable treatment, indirect expropriation, and denial of benefits. The controversies between the two parties focus on national treatment, performance requirement, labor and environment standard, and some provisions on investor-state dispute settlement. Among them, the most disputed and difficult issue is national treatment. The authors suggest some constructive solutions to these controversial issues, and believe that the future concluded China-US BIT based on negotiations and compromise will play a significant role in the global investment treaty regime.