論＂國籍真實關係＂標準在國際投資法實踐的運用

The Application of the “Genuine Link in Nationality” Test in the Practice of International Investment Law

近年來，公司投資者＂籌劃國籍＂和＂挑選條約＂的行為持續引發關注，東道國提出審查公司投資者與形式國籍國的＂真實關係＂以限制投資者的範圍。從之前將條約保護範圍擴大到與投資有＂真實關係的股東，到用＂真實關係＂標準限制投資者訴權而對投資者定義設置限制性條件和／或納入拒絕受惠條款，都體現了國際習慣法上＂國籍真實關係＂標準在國際投資協定中的發展。但國際投資協定中就如何確定公司的＂真實關係＂國籍尚無明確、統一的標準，給統一的投資仲裁法理的形成帶來極大的不確定性，進一部細化國際投資協定相關條款的具體確定標準是極其必要且有益的。中國也有必要關注這一問題並對締結的國際投資協定相關條款進行修改。

In recent years, nationality planning and treaty shopping by company investors has raised more and more concerns, host countries has sought to examine the “genuine link” between the company investors and the putative home State for restricting the range of covered investors. It reflects the evolution of the “genuine link in nationality” test in the international investment agreements from enlarging the scope of the treaty protection to shareholders who has the “genuine link” with the investment to setting additional requirements in the definition of the investor and/or to use denial- of-benefits provisions by using a “genuine link” test. But there is no explicit or consistent criteria for determining the “genuine link” of the company nationality in the international investment law, and this brings a lot of uncertainty to the emergence of a consistent jurisprudence in the investment arbitration, it is necessary and beneficial to further refine specific criteria of the related clauses in IIAs. It is necessary for China to pay close attention to this issue and modify the relevant provisions in its IIAs.