Capital Transfers In The Bilateral Investment Protection Agreement In The Liberal Rule

While globalization is increasingly becoming one of the main features of the world economy, transnational investment is in the increasingly fast development. However, the international regulation of transnational investment is still quite weak. In the multilateral legislative level, there are no comparable systematic regulations with the legal system of international trade. On the contrary, the bilateral investment legislation is a major legal basis of international investment law. And the agreement for promotion and protection of investment (BIT) is the most widely used form of bilateral investment legislation. Therefore, the rules of investment related capital free transfer in BIT has an important theoretical and practical value. In addition, compared with existing multilateral investment legislation, BIT is a better carrier for the rules of investment related capital free transfer, so from the perspective of Completeness and trend of development of rules, that study the rules in BITs is of great significance.With theoretical analysis, text analysis and comparative studies, this paper consists of three parts on the topic.PartⅠ: a general analysis of investment related capital transfer rules. Firstly, through the text and theoretical analysis of the rules of investment related capital free transfer in multilateral system, concludes that rules of investment related capital free transfer in BIT have more extensive practical coverage and more suitable for achieving the purpose of protecting foreign investment and investors. On one hand, while the conflicts between outward investment countries and inward investment countries always mainly express themselves as the conflicts between developed countries and developing countries, and neither sides withdraw from their position to get agreement on the problem of investment related capital free transfer, the BIT system covers more transnational investment between the two sides than the multilateral system. On the other hand, because the purpose of BIT and the rule of investment related capital free transfer are both to protect foreign investments and investors, the rules in BITs are more likely to accomplish their purpose. Secondly, the paper briefly discusses the protection of investment related capital free transfer in the bilateral system that ran as a forerunner of BIT system.PartⅡ: rules of investment related capital free transfer in BITs. This part discusses the content of rules of investment related capital free transfer in BITs in detail, which including: Coverage of inbound and outbound transfers of capital, and the economic considerations of the problem; the types of transfers protected, and the methods used to explain the types; convertibility of the transfers, and loopholes may lie in incompetent arrangements; both substantial and procedural restrictive provisions of the host country; and temporary derogation right of the host country, and the reasonable bases of the restriction lay on the foreign investments and investors .PartⅢ: suggestions to China on the perfection of the article of investment related capital transfer in BIT. On the basis of previous analyze, has a brief description of the rules of investment related capital free transfer in the BITs concluded by China, and then makes some suggestions perfect the rules: first, uses the word of "repatriation" or expressly shows the meaning of repatriation in the article of investment related capital transfer; second, adopts the closed list to show the types of investment clearly under the article of investment related capital free transfer; third, gives more details to the requirement of convertibility; forth, adds and abolishes the substantial limitation requirements and relaxes some of the procedural requirements; fifth, makes good use of temporary derogation to regulate investment related capital free transfer more properly.