国际投资协定的结构性转向与中国进路

International Investment Agreements'Structural Re-orientation and China's Responsive Approach

国际投资法的传统范式是在资本输出国的推动下向着投资自由化方向发展,在保护外国投资者的同时忽视东道国对外资的规制权,形成了向外国投资者倾斜的结构。全球金融危机之后,发展中国家和新兴经济体的资本输出增长显著,发达国家也受到投资者—东道国仲裁案件的困扰,东道国规制权的重要性日益凸显,以自由化为特征的全球投资治理体系在地缘政治背景下更加陷入困境,投资者和东道国之间的固有平衡被打破,矛盾愈显突出。在投资者—东道国争端解决机制陷入正当性危机的同时,双边投资协定通过投资目标内向化、嵌入企业社会责任、扩张安全例外等方式,实现外国投资者的财产权利益和东道国经济主权利益之间的结构性转向(re-orientation)。资本输出国与资本输入国双重身份的混同,促使我国在双边投资协定升级的基础上,探索高标准的投资者保护与灵活的东道国规制并重的新结构进路。

The conventional paradigm of international investment law has traditionally focused on promoting investments driven by capital-exporting nations,resulting in a system that predominantly benefits foreign investors at the expense of the regulatory rights of host countries.However,in the aftermath of the global financial crisis,there has been a notable surge in capital outflow from developing countries and emerging economies,alongside an increase in investor-state arbitration cases affecting developed countries.This shift has highlighted the significance of host countries'regulatory sovereignty.Consequently,the prevailing global investment governance system,founded on liberalism,is encountering escalating challenges in the geopolitical landscape,as the equilibrium between investors and host countries has been disrupted,leading to growing contradictions.Simultaneously,amid mounting concerns regarding the legitimacy of the investor-state dispute settlement(ISDS)mechanism,bilateral investment agreements(BIT)are endeavoring to recalibrate the balance between the property rights of foreign investors and the economic sovereignty of host countries.This realignment involves prioritizing inward-oriented investment goals,integrating corporate social responsibility,and expanding national security exceptions,among other measures.The evolving roles of capital-exporting and capital-importing nations have prompted China to explore a fresh framework that harmonize robust investor protection standards with flexible host country regulations.This approach involves enhancing bilateral investment agreements and aims to establish a harmonious and mutually beneficial structure.