A Study On The National Exemption In The Implementation Of The Arbitration Awards Of The International Center For Settlement Of Investment Disputes (ICSID)

International investment is a common form of the world economic intercourse contemporarily, but there exists plenty of disputes in practice as well. In order to settle the disputes between states and nationals of other states, International Center for the Settlement of Investment Disputes(ICSID) emerges in response to the needs of times.Since the recognition and enforcement of arbitration award is an important guarantee to the effectiveness of the ICSID mechanism, state immunity has acted as the biggest obstacle in enforcing awards. As a matter of fact, there have been a few cases in which a sovereign state invoked state immunity to refuse to enforce ICSID award in practice, but the existing solutions within the framework of Convention on the Settlement of Investment Disputes between States and Nationals of Other States are undesirable. Therefore, the research targets of this article are studying on the enforcement mechanism of ICSID award, discussing how the private investors to protect their rights when confronting the situation that a sovereign state invokes state immunity to refuse to enforce ICSID award. In the meantime, considering that the connection between China and ICSID is increasingly close, the question of the recognition and enforcement of ICSID award in China is also one of the significant research contents of this article.Through the above research, the author concludes as follow: the existence of state immunity is indeed a certain threat to the enforcement of ICSID awards. From the realistic aspects, the improvement of ICSID enforcement system is of great difficulties, and the status of private investors is usually disadvantageous when negotiating with a sovereign state, hence, it is particularly important to protect our own investors and overseas property at the national level. As a consequence, our country should not be insisted on the standpoint of absolute immunity, but strengthen the research of restrictive immunity and legislate positively. And we should be a pioneer on our own initiative to push the development of international law, instead of blindly dealing with all kinds of challenges in the international society in a passive way.