論歐盟外資審查機制的轉型與對策：以競爭力為視角

China's Countermeasures on EU Foreign Investment Screening Mechanism: From the Perspective of Competitiveness

近年來中國對歐盟直接投資流量和存量持續攀升引起歐盟及其成員國對競爭力優勢下降的憂慮。2019年《關於建立外商對歐盟直接投資審查框架的條例》是歐盟首次在歐盟層面制定的外資審查機制，强調對“安全或公共秩序”的審查，並建構起“東道國－歐盟委員會－其他成員國”三方合作的審查框架，標誌著歐盟的外資政策發生實質轉型。實踐中，“安全或公共秩序”的審查標準極具張力，可能對流向敏感行業、含國有權益和受政府補貼的中國投資進入歐盟市場産生重大影響。對此，中國企業和中國政府應做好充分準備，從資本輸出角度出發，應充分預判該條例及後續發展可能對中國企業在歐盟境內投資的排擠效應，及時調整短期及中長期投資戰略、積極通過提升自身競爭力以消减不利影響，並在必要時予以反制；從吸收外國投資角度出發，中國應進一步平衡好外商投資的自由開放與監管安全，提升中國産業、規則和制度的競爭力並積極參與新一代國際投資規則構塑進而提升中國話語權。

In recent years, the continuous growth of China's outbound foreign direct investment in the EU has led to great concerns of EU and its member states about the decline of competitive advantages. The Regulation (EU) 2019/452 of the European Parliament and of the Council establishing a framework for the screening of foreign direct investments ( FDJ) into the EU ('Regulation') is the first unified foreign investment screening mechanism established on the EU level, indicating that the EU's foreign investment policy is getting more conservative than before. The Regulation focuses on 'security or public order', and has established a triparite cooperation system among 'Host Member State-EU-Other Member States'. In practice, the 'security or public order' criteria could be amplified by the EU Commission, with far-reaching implications especially for Chinese investment in sensitive industries, with state-owned interests or sponsored by Chinese government's subsidies. In this regard, Chinese enterprises and the Chinese government should make long-term preparations. From the perspective of capital-exporting country, they shall strengthen the comprehensive understanding of the crowding-out effects due to the Regulation and the following development on Chinese investment in the EU, to adopt necessary adjustments on the short-erm, medium-term and long-term investment strategies to upgrade China's industrial competitiveness to relieve the negative impacts, and China shall take essential anti-sanctions when it is necessary. From the perspective of capital-importing country, it's necessary to better balance the freedom and openness of foreign investment with regulatory security, improve the competitiveness of China's industry, rules and systems, and actively participate in the establishment of the new generation of international investment rules and enhance China's discourse.