國際投資仲裁中涉華投資者資格認定及利益平衡

The Identification of China-Related Investors and Balance of Interests in International Investment Arbitration

投資者與東道國爭端解決（ISDS）機制是解決投資爭端的主要方式，因其非政治性和中立性受到資本輸出國的青睞。近年來，由於投資者與東道國、母國間不斷進行利益博弈，ISDS機制也掀起了改革熱潮。在仲裁實踐中，涉華投資者遇到了投資協定規範衝突、自然人投資者雙重國籍衝突、涉華國有企業易被針對、條約選購導致喪失投資者資格等問題，其中，投資者資格認定成為緩和各方利益衝突的突破口。在研究涉華投資者資格認定標準的過程中，要重視涉華投資者資格認定標準的現狀，包括國籍和永久居留權衝突時投資者資格認定標準不統一、自然人投資者有效或主要國籍標準逐漸弱化、合理期望說在條約選購案例中未發揮標準效應，以及母國國家責任給涉華國有企業投資者資格認定帶來風險。此外，涉華自然人投資者雙重國籍問題的處理也要遵循三方面原則，通過控制權標準限制法人投資者“條約選購”，採用競爭中立原則保障國有企業投資者資格。

ISDS mechanism are the primary means of settling investment disputes and are favored by capital exporting countries for their non-political and neutral nature. In recent years, due to the interest game between investors, host countries and home countries, the ISDS mechanism has also set off a wave of reform. In arbitration practice, China-related investors have encountered these problems, such as the conflict of investment treaty norms, the conflict of dual nationality of natural person investors, the vulnerability of Chinese state-owned enterprises to special targeting, and treaty shopping resulting in loss of investor status. The identification of investors is a breakthrough to alleviate conflicts of interests of all parties. In the process of studying the qualification standards for China-related investors, it is important to pay attention to the current situation of the qualification standards for China-related investors, namely, the lack of uniformity in the qualification standards for investors when nationality and permanent residence rights conflict, the gradual weakening of the effective or dominant nationality standard for natural person investors, the failure of the reasonable expectation doctrine to exert the standard effect in treaty shopping cases, and the risks posed by the state responsibility for the qualification of investors in China-related SOEs. The issue of dual nationality of China-related natural person investors should be handled in accordance with three principles. The“treaty shopping”of legal person investors can be restricted through the control right standard, and the principle of competitive neutrality can be adopted to guarantee the identification of SOEs investors.