The reform of international economic law has been faced with both challenges and opportunities in 2009. After the outbreak of the global financial crisis，international economic law practice has showed some new features and trends of development. This article analyzes the challenges posed by trade protectionism to the formation of the WTO legal system，the reform of international financial system，the enhancement of the decision-making power of developing countries，and the major issues relating to sustainable development in international economic law，and explains the situation faced by and the tasks imposed on China against the background of these new developments in international economic law.