The Research About The Regular Right Of Host Country In International Investment Agreement

Since the advent of the International Investment Agreement,it has been the main content and pursuit of promoting investment liberalization and protecting international investment.From the form to the content,a large number of international investment agreements rarely take into account the public interest and social interests of the host country,but focus on protecting the interests of foreign investors.By the end of the20 th century,a large number of Bilateral Investment Treaty(BIT)was still signed between developed countries as capital exporting countries and developing or underdeveloped countries as receiving capital.In the settlement of investment disputes,the investment chapters of international investment agreements or regional international trade agreements have provisions for the Investor-State Dispute Settlement(hereinafter referred to as the ISDS mechanism),which foreign investors can The investment dispute is submitted to the International Investment Tribunal for arbitration.In an international investment agreement,the rights and obligations between foreign investors and the host country are unbalanced,not only in the substantive provisions,but also in the international investment arbitration mechanism that invokes the content of the agreement for arbitration.When foreign investors use this mechanism to arbitrate against the host country,the content of the appeal is often that the host country implements regulatory measures affecting its investment or generally applicable public policies.A large number of arbitration cases tend to protect the interests of investors in international investment agreements.This purpose has been continuously expanded and the arbitration practice does not balance the regulatory power of the host country with the private interests of investors.Moreimportantly,international investment has social embeddedness.It has different degrees of influence on the domestic interests of the host country and the interests of the international community.It is obviously not in line with the requirements of sustainable development to emphasize the protection of the interests of foreign investors.After realizing this “deviation”,sovereign states will gradually require some exceptions to protect the domestic environment,national security,and taxation during their negotiations or signing of international investment agreements,reflecting the host country's concerns about the domestic society,but There are still difficulties in balancing the interests of host countries and investors.Therefore,the author attempts to analyze the reasons for the development of the regulatory power of the host country,the problems existing in the international agreement,and the positive response of sovereign countries and international institutions in order to safeguard the public interest of the host country,from the perspective of the social nature of international investment.This is undoubtedly an important reference for China and foreign countries to sign international investment agreements and formulate foreign investment strategies.The first part-an overview of the international investment agreement in the host country.This part is mainly to clarify the concept of regulatory rights and the reasons for balance.On the one hand,it defines the host country's regulatory rights and compares it with related concepts;on the other hand,it analyzes the reasons for promoting the balance of host country regulatory rights and investor interests in international investment agreements.The second part is the factors in the international investment agreement that affect the exercise of the regulatory rights of the host country.This part is mainly to explain the problems encountered in the development process of the host country's regulatory rights.In this part,on the one hand,it analyzes the substantive clauses ofinternational investment agreements,and believes that there are biases in the traditional investment agreements to protect investors,failing to protect the host country's regulatory rights well,leading to the rights of foreign investors and host countries.There is an imbalance between obligations.On the other hand,the external factors that affect the exercise of the regulatory rights of the international investment agreement in the host country are that the international investment arbitration mechanism that invokes the substantive provisions of the agreement for arbitral awards further limits the regulatory rights of the host country due to its own defects.The third part is the substantive rules of the international investment agreement to balance the regulatory right of the host country.Based on the second part,this part summarizes the relevant provisions of the international investment agreements that have had an important international impact in recent years in the development of host countries' regulatory rights in the context of international investment requirements for sustainable development,including the terms,collection terms,and exceptions are clearly stated.The fourth part is the procedural rules for balancing the regulatory rights of host countries in international investment agreements.This part is also based on the second part,combined with the procedural provisions of the International Investment Agreement on the settlement of investment disputes,explaining how sovereign states are procedurally arranged in international investment agreements in order to protect the regulatory rights of host countries.It includes: improving the transparency of the arbitration process,the mediation process before the ISDS process is initiated,and setting up special procedures to prevent investors from complaining.The fifth part-the balanced development of the host country's regulatory rights requires enlightenment to China.This part is mainly divided into two small parts.One part is to summarize the above-mentioned implications for the reform anddevelopment content of the international investment agreement in order to balance the regulatory rights of the host country and the interests of investors.It requires China to rationally locate the development of the regulatory power of the host country.The other part is based on China's actual national conditions and foreign investment development strategy,and gives authors' suggestions on how to maintain its regulatory rights and public interests and how to deal with them.