特朗普政府投资领域国家安全审查制度的新变化及其趋势解析

The National Security Review Regime on Investment Activities under the Trump Administration:New Features and Their Reasons

随着我国"走出去"战略的实施,我国企业海外并购取得了令人瞩目的成绩,与此同时,企业遭遇来自东道国的投资壁垒也愈加频繁。结合近些年我国企业跨国并购遭遇美国国家安全审查的典型案例,本文针对特朗普执政以来美国投资领域国家安全审查制度的新趋势进行研究。研究发现:(1)"敏感资产"内涵扩大,国家安全审查趋于严格;(2)美国总统利用否决权将更加频繁,且这个趋势在特朗普政府的领导之下将会进一步升级;(3)美国外国投资委员会管辖范围由国内扩展至国外,国家安全壁垒概念将超出东道国范畴。在这一背景下,我国需积极筹划应对措施,遏制投资保护主义抬头,建立新的国际投资新秩序势在必行。同时,我国企业自身应主动出击,积极应诉,利用法律维护自身合法权益。

With the implementation of China’s "going out" strategy,overseas mergers and acquisitions(M&A) by Chinese enterprises have made remarkable achievements. However, Chinese enterprises have increasingly encountered investment barriers overseas. Based on the cross-border M&A that have been subjected to the U.S. national security review in recent years, this paper studies the new trends of the U.S. national security review regime since the beginning of the Trump presidency. The study finds that the regime in the U.S. presents the following new trends and features:(1) given the expanded definition of "sensitive assets", the review tends to be more strict;(2) while U.S. presidents use veto rights more frequently, this trend has escalated in the Trump administration;(3) with the Committee on Foreign Investment in the United States(CFIUS) expanding its jurisdiction abroad, the idea of national security barriers is increasingly applied beyond the borders of the host country. Therefore, it is imperative for China to study countermeasures to the U.S. national security review regime, curb the rise of investment protectionism, and establish a new international investment order. Meanwhile, our enterprises should take the initiative to respond to the challenges and use the law to safeguard their legitimate rights and interests.