Research On Host Country's Local Remedy Rules In Chinese BITs

Great changes have taken place in the role of China in the field of international investment.China has now become a country where the capital output and capital input power are in dual status,especially with the implementation of the Chinese Belt and Road Initiative and the rapid development of China investment in developing countries.President Xi Jinping put forward the proposal to build the Silk Road Economic Belt and the maritime Silk Road initiative in 2013.From 2014 to 2016,China invested more than 50 billion US dollars in the countries along the route.China has now transformed from a big capital importing country to a country with double identities as a capital importing country and a capital exporter.China is no longer a host country government in bilateral investment agreements,but also becomes the home country of overseas investors.However,the existing BIT in China is not able to effectively protect China's foreign investment.In the context of this new era,China needs to negotiate with more and more countries to conclude a new BITs or to revise the original BITs.As the largest developing country in the world,China is facing a new situation of attracting more foreign investment into the domestic market and expanding foreign investment.Both foreign investment and foreign investment are inseparable from bilateral investment agreements.So far,China has signed bilateral investment agreements with 104 countries,and is signing new bilateral investment agreements with more and more countries or revising the original bilateral investment agreements.In this process,China's attitude to the local relief rules of the host country in the bilateral investment agreements has also been changing.This is not only due to the influence of the international trend,but also closely related to the development level and development strategy of China.Local remedy is one of the "Four safety valve" for developing countries in international treaties.There may be risks to give overseas investors necessary protection or damage China judicial sovereignty and the national image in the process of solving investment and foreign investors in the dispute.If the local relief rules of the host country are defined in accordance with the previous ideas,it will be incompatible with the practice.Therefore,we need to reconsider the status,role and application of the local rule of relief in the host country,combining the background of the times.The research I have done in this paper is on the background of China's double identity as well as the development of China Belt and Road Initiative,including the legislative status of the local remedy rules in China and foreign bilateral investment agreements in,the use of local remedy rules in practice,and my suggestion to improve the host country local remedies in Sino foreign bilateral investment agreements.This article mainly studies the local relief rules of the host country from four aspects.The first part is the legal overview of the rule,mainly analyzing the general theory of the local remedies in the bilateral investment treaty countries.The second part is the normative analysis of the legislative conditions of local remedies rule in bilateral investment agreement concluded by China.The third part is the empirical analysis,analysis the practice of local remedy rules through the concrete cases,including the cases in and out China.The last part is my proposals to improving the local remedies rule in Sino foreign bilateral investment agreements.The double identity of China and the initiative of Belt and Road make local remedies to become the first choice to settle the international investment disputes in bilateral investment agreements.China should adhere to the principle of exhaustion of local remedies,and make detailed definition of the scope of investment disputes that can be submitted to international investment arbitration and actively seek consultation or other alternative way to solve the dispute.