Comparative Analysis On Five Central Asian Countries' Legal Systems On Foreign Investments

"The Belt and Road" initiative is an important strategic plan under the background of the new world for our country.It can make the economic cooperation between China and other countries including Central Asia,the Middle East,South Asia and Southeast Asia and even African countries closely.It also can promote the regional development along the road.To a great extent,the economies between China and Central Asian countries are complementary to each other.So the scale of the trade between China and the five Central Asian countries is widening after China carried out reform and open policy.The expansion of investment will lead to more and more issues about dispute.There is a lot of legislation about investment in Central Asia countries legal system.The author studies the Foreign Investment Law about five Central Asian countries and Studies the contents of Bilateral Investment Treaties between China and five Central Asia countries and between five Central Asian Countries and other countries,comparing the differences and similarities and the characteristics,to provide reference for our country about signing Bilateral Investment Treaties in the future with Central Asia countries,and to provide reference to our investors at the same time.According to different conditions about social and economic development as well as the background of the politics,the legislation of five Central Asian countries can be divided into three stages,that is the stage of formulation in preliminary of independent,the stage of perfection in period of development,the stage of adjustment in period of turnabout.Every different stage of the Foreign Investment Law has its own era characteristics.Generally speaking,with the development of the economy,the Foreign Investment Law is constantly improving.But even to this day,because of the immature legislation theory,and lack of scientific guidance and legislative experience,the Foreign Investment Laws are still unspecific and that make it difficult to implement.They even have more legislative blank.When the Central Asian countries formulate and perfect the foreign investment related legal,they should give attention to the international standards constantly on the premise of its national conditions to relax the capital access system,to formulate the Law on the protection of foreign investment roundly,to improve the transparency and stability of policies and regulations,to create a nice legal environment for foreign investors.The Bilateral Investment Treaty is a bilateral treaty between the capitals exporting country and the host country.The purpose is to adjust the relationship between countries of private investment,to protect the legitimate rights of foreign investors,and to establish a good investment environment for the country.Since the early independence,the five central Asian countries signed Bilateral Investment Treaties with other countries in succession to create conditions for the country to attract foreign investment.When the author studied the five Central Asia countries' Bilateral Investment Treaties,he translated much English literature.There must be shortcomings.Please forgive them.To comparing the differences and similarities between China and five Central Asia countries and between five Central Asian Countries and other countries can make suggestions for Chinese government to make further negotiation and consultation with Central Asian countries on the new Bilateral Investment Treaty.With the development of the "The Belt and Road" initiative,China's total investment in Central Asia will continue to rise.The disputes arising from investment can not be ignored.The author studies the real case of five Central Asian countries in the International Investment Disputes Resolution Center,and combines with the shortages of foreign investment law and Bilateral Investment Treat to analyze the political,economic and legal risks faced by investors.From the two angles of investor and government,this paper analyzes the matters that should be paid attention to and should be taken to avoid risks.Before investing in Central Asian countries,Chinese investors should pay attention to the investigation,analysis and evaluation.During the process,they should do a good job of risk aversion and management,understand the Central Asian countries and investment related laws and international investment dispute settlement mechanism and is familiar with the local political,economic,cultural,religious and other characteristics.Ourgovernment should perfect the investment laws and take example by the template of Bilateral Investment Treaties of developed countries,revise the Bilateral Investment Treaties signed with the central Asian countries as soon as possible and give a convoy to the domestic investors who invest to Central Asia countries.