| International investment will generally be divided into direct investment and indirect investment in the system of international investment law. Historically, the vast majority of the international investment treaties did not distinguish between two kinds of investment and the applicable objects are not limited to direct investment. In fact, holding the bond securities and other forms to be brought into the investment treaties even earlier than some direct investment. Until the mid-twentieth century, direct investment has become an important object of investment treaty. Therefore, in international investment treaty practice, research on the applicable objects of investment treaties should not be limited to direct investment.In modern economy, more and more industries need the support of the finance to achieve greater development. The core of economic activities has transformed into the financial assets wealth management and value-added from the production of material products. This trend implies that in recent years the situation of financial development has far exceeded the entity economy development. As the field of investment, financial investment has become an important part of modern investment concept, and we should pay more attention to financial investment. In contrast, the financial investment often does not bring technology attached host country interests. It will be difficult for the implementation of effective control and host country may also be faced with a large number of financial risks.When Chinese as members of WTO appeared in the international economic arena, it means that our country must realize the full liberalization of financial field. Finance is the core content of modern economy, and financial investment has become the main form of modern investment. The liberalization of financial investment is an important part of liberalization of financial field. The development of international investment should not ignore the financial investment. Therefore, in order to ensure the stable development of international finance and economy, in must implement financial liberalization trend, we should pay attention to the development of the financial liberalization of investment.Since the Sino US investment agreement negotiations began, it has attracted great attention. It is not only because the negotiating parties are representatives of developed countries and developing countries in the world, but also because this negotiation results will have a major impact on the international investment law. Financial investment liberalization has been focused on and it is also the project which American currently the most actively promote. Meanwhile, the Chinese thought that realization of high degree of financial investment liberalization will impact on both domestic financial market and domestic economy. Therefore, even in 2012 America revised its BIT template, the two sides still have not reached a consensus on financial investment.In this paper, based on previous researches on international investment liberalization, combining the different attitudes to promote financial investment liberalization in the ongoing negotiations on the Sino US bilateral investment. The author analyzes the risk that may be encountered in the implementation of Chinese financial investment liberalization and puts forward the legal countermeasure and suggestion. This paper, according to the internal logic, is divided into four parts:Firstly, based on the academic point of view on the proposed, the author reclassifies international investment, introduces the legal framework of international financial investment liberalization, and points out that the bilateral investment treaty is the main category of legal sources for the present international financial investment law. The second part is the overview of the negotiations on the Sino US bilateral investment agreements. The author analyzes the positions and the demands of the America through the USA 2012 BIT model and puts forward American high standard BIT template is to require contracting party shall be subject to the supervision and control of the minimum of the international investment behavior. It reflects not only the pursuit to overseas financial profits, and also the protest to unequal treatments. The third part analyzes the risks which China will face up to if China signed a bilateral investment treaty. The risks will come from imperfect domestic financial system, internal fragility of the financial system and the limited rational investors.Above all, the last part puts forward some legal countermeasures and suggestions to prevent the risks of international financial investment liberalization. The author emphasizes on that China shall prudentially treat international financial investment, neither seclusion, also cannot make snap liberalization. We must establish and improve the corresponding regulation system so that the financial investment activities will be lawful and domestic financial regulators to achieve effective supervision. At the same time, in order to strengthen the capacity of the domestic response to the risks of financial investment liberalization, beside enacting laws and policies, we must adhere to the reforrn and deepening of domestic financial system and strengthen the ability to resist the risk of the domestic financial market... |
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