On ICSID Annulment Mechanism

We China has started late in terms of international investment arbitration.China has become a party to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States(hereinafter referred to as the "ICSID Convention")in 1993,but by 1990 the ICSID Convention has been effective towards 89 countries.As China has been a "student" in the World Trade Organization(WTO)for many years,in the field of international investment disputes,China's participation has also been experiencing the adapting phase.But the ability to adapt has changed due to the countries' initiative to participate.In 2013,we began to organize the Asian Infrastructure Investment Bank(Asian Investment Bank,short as AIIB).In 2016,China officially announced the "Belt and the Road" initiative.These all mean that China will be more fully exposed to international investment disputes.There are even some views that China should establish the "Belt and the Road" investment dispute settlement mechanism relying on AIIB,imitating ICSID which relies on World Bank.It is necessary to study the ICSID arbitration mechanism,whether it is for furthering integrated into ICSID or to establish “Belt and the Road" investment dispute settlement mechanism.An important feature of the arbitral award is finality.The finality ensures the effectiveness of the ruling process.However,for the sake of correctness,the arbitral award is controlled more or less both at the international level and at the domestic level.In the case of international investment arbitration,there is a mechanism for annulment within the mechanism of the International Center for Settlement of Investment Disputes,but how to balance finality with correctness is uncertain.In the study of ICSID dispute settlement mechanism,the current research in our country focuses on the arbitral award itself,especially the study of arbitration jurisdiction.Although the study of the ICSID arbitration annulment mechanism is not completely absent,its time has been relatively long.Therefore,this paper starts from the study of the ICSID annulment practice,aiming to discuss the attitude of the ICSID annulment committee,and analysis the conflict and balance between finality and correctness.This paper is divided into four parts:The first part reviewed the international investment arbitration control mechanism.On the one hand,control mechanisms before the ICSID Convention is combed in vertical dimension,on the other hand,control mechanisms other than annulment under ICSID has been studied in horizontal dimension.The second part analyzes the ICSID arbitral award annulment mechanism,both from the view of drafting history of the ICSID convention and the principle of the arbitration mechanism.The difference between the annulment and appeal has been studied.The third section analyzes the ICSID annulment practice in greater detail,and examines whether the ICSID annulment committee differs in the different grounds of annulment and analyzes whether it exceeds the limits between appeal and annulment.The fourth part concludes that the ICSID arbitration annulment mechanism is still worth preserving,but the annulment committee should consciously restrict itself and clarify its own authority and pay attention to the issue of treaty interpretation.