The fair and equitable treatment is one of the most controversial clauses in international investmentagreements. In recent years, academic circles cannot reach a consensus on this issue. It is generallyacknowledged that fair and equitable treatment is part of or equivalent to the international minimum standardof treatment. However, from the perspective of investment arbitration practice in the past decade, fair andequitable treatment has gradually changed into an autonomous standard, which is no longer obviously linkedwith international minimum standard. Therefore, it is necessary to clarify the relationship between fair andequitable treatment and minimum standard of treatment through analyzing typical cases, and put forward somesuggestions to improve the fair and equitable treatment clause in BITs between China and OBOR countries,based on the new development of China's foreign investment law.