| The Comprehensive and Progressive Trans-Pacific Partnership Agreement(hereinafter referred to as "CPTPP")was formally signed on March 8,2018,and became effective on December 30 of the same year.The predecessor of CPTPP was the Trans-Pacific Partnership Agreement(hereinafter referred to as "TPP"),and on February 4,2016,12 member states officially signed the TPP.After the terms of the TPP agreement had been agreed and 12 member states had officially signed it,the Trump administration immediately announced that the United States would withdraw from the agreement in January 23,2017.We must know that although the United States is not the initiator of the TPP,the scale of the TPP and most of its rules were developed and formulated under its leading negotiations.It is also because of the participation of the United States that the TPP,this agreement can generate huge Influence worldwide(As the 12 signed parties together accounted for 40%of the global economy).After the United States withdrew from TPP,this agreement also fell into an embarrassing situation,and some contracting states have begun to re-examine the advantages and disadvantages of agreement participation.In this regard,the outside world has also speculated that TPP will eventually end.However,under Japan's positive leading,CPTPP was born and saved TPP's negotiation resultsAlthough the economic influence of CPTPP is not as great as before,China still needs to study CPTPP,as many of its parties are important trade partners of China.The impact of the CPTPP cannot be ignored and should be treated seriouslyAccording to the analysis of scholar articles,the influence of CPTPP can be divided into two aspects:economic influence and rule-making influenceFrom the perspective of economic influence,the lack of US participation in CPTPP has greatly reduced it,and the statistics of official showed that the total economic share of member countries in the global economy has been reduced from 40%to 13%.But most of CPTPP's member countries are site in Asia-Pacific region,so it must affect the international trade of China.Moreover,CPTPP has created a more fair and free trading environment for member countries,which will undoubtedly amplify the cost of trade between China and member countries,resulting in the consequences of trade transfers.Under the background of Sino-US economic and trade conflict,the United States,Europe,and Japan's joint formulation of economic and trade rules,and WTO reforms,the need to strengthen trade relations with other countries has become more prominentJudging from the content of international economic and trade rules,although the 11 member states of CPTPP have avoid the bad result of TPP,the content of the terms has been reduced.However,on the whole,CPTPP inherits most of the TPP's trade rules and still represents the highest standard of a new generation of trade agreements.The academic community still evaluates it as "can lead the international economic and trade rules of the 21st century." For CPTPP member states,signing CPTPP means accepting new rules.For China,if many international trading partners have begun to accept the new rules,China will inevitably face pressure to reform the rules of its own.Otherwise,they may face the risk of being marginalized in the futureThe investment field has always been an important part of international trade Foreign direct investment(hereinafter referred to as FDI)is also an important component of China's economic development.In June 2019,the National Development and Reform Commission and department of business have made a clear statement:"Using foreign capital is an important part of China's basic national policy of opening up to the outside world and a new open economic system and has played an active role in economic development and deepening reform.Therefore,for foreign investment,China still holds a very clear welcome attitude.Although China has always expressed its willingness to open to the outside world on many international occasions,its development has been slow in the implementation of rules.One of the important reasons for Sino-U.S.Trade conflict is the major differences between China and the United States regarding the degree of openness of the Chinese market.Although the entry of foreign capital brings visible advantages of the development of China's economy,it also carries huge risks.How to balance the interests between investment control and national economic security has always been a core issue involved in the formulation of international investment rules.Therefore,China's cautious attitude towards the formulation and application of investment rules is not a reflection of conservativeness and closure,and it is excusable.How to formulate an investment rule that is in line with the development trend of international economic and trade rules,helps China to introduce foreign investment,and does not cause adverse impacts on domestic economic entities has become an important task in advancing China's international trade.The formulation and promotion of multilateral rules have been particularly slow and difficult.In this context,countries around the world have sought to join regional trade agreements(hereinafter referred to as "RTA")or bilateral free trade agreements(hereinafter referred to as "FTA").China is also actively promoting the implementation of the FTA strategy.As an advanced and representative regional trade agreement,CPTPP has important reference value for China's FTA rulemaking and development.Therefore,this article mainly takes the CPTPP investment rules and the FTA investment rules as the research object,analyzes the advantages of the CPTPP investment rules compared with the FTA,and proposes the future formulation of China's FTA investment rules.Promoting China's introduction of foreign capital and the implementation of the FTA strategy finally.Because the fields included in the investment rules are too extensive,this article mainly focuses on the core issues in the investment rules—investment treatment,investment protection,investment exemption,and investment dispute settlement. |
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