Jurisdiction Analysis Of ICSID Arbitration In Solving Sovereign Debt Disputes

More than 50 years after the conclusion of the ICSID Convention,several rules concerning ICSID jurisdiction remain controversial.According to Article 25 of the ICSID Convention,ICSID has jurisdiction only when the dispute arises from"investment".Although the term is crucial,there is a lack of consensus in the academic community about its meaning.At present,with the sovereign debt default situation becoming more and more serious,in view of the dynamic development of sovereign debt dispute resolution and investment arbitration system,based on the study of typical sovereign debt dispute eases,this paper intends to analyze the"investment" of sovereign debt by double test method and treaty interpretation method in order to assess whether ICSID has jurisdiction over legal disputes arising from sovereign debt.This article is intended to be divided into five sections for discussion.The first part is the introduction.The second part outlines the meaning of sovereign debt and clarifies that the type of sovereign debt to be discussed in this paper is the official external debt of a sovereign state.It introduces the development of sovereign debt and the disputes that countries may cause when repaying sovereign debts and their solutions.The third part demonstrates the feasibility of ICSID arbitration method to resolve sovereign debt disputes.In conjunction with ICSID's past rulings and claims against the Argentine government,it was proposed to use arbitration to resolve disputes arising from the financial crisis.This part intends to demonstrate the possibility that the investor will submit the sovereign debt dispute to ICSID on the grounds that the debtor country violates the state obligations stipulated in the bilateral agreement according to the ICSID convention,in the perspective of ICSID jurisdiction issues.Focusing on the most controversial issue-the dispute over the investment properties of bonds.The fourth part proposes the solution to the ICSID jurisdiction dispute,explores the implications of using ICSID arbitration to resolve sovereign debt disputes on sovereign states,and the reference significance of ICSID to China's construction of exclusive "Belt and Road"investment dispute mechanism,in order to provide certain risk anticipation and solutions in such investment disputes.The last part is the conclusion,summarizing the full paper.