國際投資法下投資者的合理期待與政治風險之抗辯

Investor’s Legitimate Expectations and the Defence of Political Risks in International Investment Treaties

在“Bilcon訴加拿大案＂中，投資者合理期待的保護與東道國政治風險的抗辯成為國際投資法領域的熱點問題。投資仲裁實踐集中於合理期待的有效來源的投資者對一般法律政策的穩定期待與東道國規制權間的緊張關係。因此，我國在設計投資條款時，應當釐清合理期待的範圍並考慮政治風險納入例外條款的可能性，以此保護投資者利益並為東道國實施法律政策保留必要空間。

In the case of Bilcon v. Canada, the question of protecting investor’s legitimate expectations and the defence of host state’s political risks caused heat discussion in international investment law. Investment arbitration practice focused on the effective source of legitimate expectations and the tension between investor’s expectations on stability of general laws and policies and host states’ right to regulate. Hence, China, in the course of designing investment clause, should clarify the scope of legitimate expectations and consider the possibility of incorporating political risks into the exception clause, so as to protect investors’ interests and reserve the necessary space for host states to implement laws and policies.