Attracting International Investment is the most important means for developing countries to develop their economies, and one of the key factors for the effective utilization of international investment is the type of bilateral investment treaties (BITs) signed with which countries, the research on the selection of bilateral investment treaties is of great practical significance and theoretical value. Based on the macro-data of 83 developing countries from 2009 to 2019, this paper explores the impact and mechanism of the choice of quantity and quality of BITs parties on the macro-investment efficiency of developing countries. It is found that the quantitative strategies of BITs can`t significantly improve the macro-investment efficiency of developing countries; The Quality Selection Strategy of BITs parties ( i.e. signing BITs with the core countries of regional production networks) can significantly improve the macro-investment efficiency of developing countries; By signing BITs with core countries of different production networks, we can increase the efficiency of investment in developing countries through channels of “Attracting investment, Attracting technology, Attracting control”.This paper provides more evidence for the decision-making of developing countries on the selection of BITs, and provides policy implications for developing Countries to make better use of BITs to develop its own economy, at the same time, it also provides policy inspiration for China to promote higher level of opening-up and to use the BITs network to connect global innovation resources.