中美投资保护协定谈判中的“非排除措施”条款研究——以中国海外投资风险分析与安全保障为视角

中美投资保护协定(BIT)谈判中面临的"非排除措施"(NPM)问题,涉及中美双方在国家利益例外及投资风险承担方面的政策差异。正常情况下,东道国按照BIT的规定保护投资者利益,但一旦出现NPM条款中列明的特殊情况,东道国即可采取相关措施维护国家利益。由于NPM条款中涉及的目标抽象,因而容易产生滥用N PM条款的可能性。为确定NPM的适用条件,有必要对条款中的关键词加以解释,并确定相应的审查标准。对于中国是否应当接受美国式NPM条款以及如何制约该条款的滥用问题,本文将从NPM的功能和结构、条款解释、审查标准等方面分析NPM如何平衡国家利益和投资者利益,并结合中国海外投资风险防范与安全保障方面的考量,做出初步的结论。

Analysis of NPMClause underSino-AmericanBITNegotiation: withRespecttotheRiskandSecurityofChineseOversea Investment

NPM is the problem existing in the process of BIT negotiation between China and America,which refers to the difference in respect of national benefit exception and ivestment risk assumption.In general circumstance,a host state should protect benefits of investors according to BIT proveisions,but it can also take the relevant measures to maintain national benefits as soon as the special situations listed in NPM clause appear.It is probable that NPM is easy to be abused because of the abstract objectives in NPM clause.In order to determine the conditions for application of NPM,it is necessary to construe the key words in NPM and confirm relevant review standards on them.As for the problems of whether China should accept American style NPM clause and how to restrict abuse of such a clause,this article will make analysis of how to balance benefits of the host state and investors under NPM in respects of NPM's function,framework,clause construction,and review standards,and induce preliminary conclusions with combination to the consideration of protect against risk and security of Chinese oversea investment.