国际投资协定中“投资”定义条款的重构——以中国与“一带一路”沿线国家BITs为视角

Reconstruction of the Definition Clause of“Investment”in IIAs:A Perspective of BITs from China and the Countries along the Belt and Road

中国与"一带一路"沿线国家BITs"投资"定义条款主要以"资产"为定义基础,外延开放,限制要素多元,但仅注重静态定义,定义范围泛化,要素解释缺失,循环定义问题突出。"投资"定义的不确定性导致BITs适用边界失守,在平衡利益方面失效,与ICSID的定义解释之间严重脱节。重构"投资"定义条款,应在"属概念"静态统一的基础上回归动态本质,立足"双重"格局,在平衡利益上发挥实效,区分增量与存量投资,加强互补性,融合合法性和发展性要素。

The definition clause of investment in BITs between China and the countries along the"Belt and Road"are mainly based on"assets",extended and open,and conclude various kinds of restrictive elements,but only pay attention to static definition.It’s scope is generalized.It’s explanation is not enough.The problem of circulation definition is serious.The uncertainty of the connotation leads to the loss of the applicable boundary of BITs,no effect on balancing the interests of the investor and the host country,the capital exporting country and the capital importing country,and is out of step with the interpretation of ICSID.To reconstruct the term,we should not only emphasize the static unification of"Generic concept",but also return to the essence of investment.Based on China’s"dual"investment pattern,it should also play an effective role in balancing the interests of both sides,capital exporting countries and capital importing countries,and distinguish between incremental investment and stock investment,integrate the elements of legitimacy and development of investment.