国际投资仲裁中涉华投资者资格认定及利益平衡

The Identification of China-Related Investors and Balance of Interests in International Investment Arbitration

投资者与东道国争端解决(ISDS)机制是解决投资争端的主要方式,因其非政治性和中立性受到资本输出国的青睐。近年来,由于投资者与东道国、母国间不断进行利益博弈,ISDS机制也掀起了改革热潮。在仲裁实践中,涉华投资者遇到了投资条约规范冲突、自然人投资者双重国籍冲突、涉华国有企业易被针对、条约选购导致丧失投资者资格等问题,其中投资者资格认定成为了缓和各方利益冲突的突破口。在研究涉华投资者资格认定标准的过程中,要重视涉华投资者资格认定标准的现状,包括国籍和永久居留权冲突时投资者资格认定标准不统一、自然人投资者有效或主要国籍标准逐渐弱化、合理期望说在条约选购案例中未发挥标准效应,以及母国国家责任给涉华国有企业投资者资格认定带来风险。此外,涉华自然人投资者双重国籍问题的处理也要遵循三方面原则,通过控制权标准限制法人投资者“条约选购”,采用竞争中立原则保障国有企业投资者资格。

ISDS mechanism are the primary means of settling investment dis-putes and are favored by capital exporting countries for their non-political and neutral nature.In recent years,due to the interest game between investors,host countries and home countries,the ISDS mechanism has also set off a wave of re-form.In arbitration practice,China-related investors have encountered these prob-lems,such as the conflict of investment treaty norms,the conflict of dual nation-ality of natural person investors,the vulnerability of Chinese state-owned enterpris-es to special targeting,and treaty shopping resulting in loss of investor status.The identification of investors is a breakthrough to alleviate conflicts of interests of all parties.In the process of studying the qualification standards for China-related investors,it is important to pay attention to the current situation of the qualification standards for China-related investors,namely,the lack of uniformity in the qualification standards for investors when nationality and permanent residence rights conflict,the gradual weakening of the effective or dominant nationality standard for natural person investors,the failure of the reasonable expectation doctrine to exert the standard effect in treaty shopping cases,and the risks posed by the state responsibility for the qualification of investorss in China-related SOEs.The issue of dual nationality of China-related natural person investors should be handled in accordance with three principles.The"treaty shopping"of legal person investors can be restricted through the control right standard,and the principle of competitive neutrality can be adopted to guarantee the identification of SOEs investors.