《中国—东盟投资协议》在中国—东盟自由贸易区范围内创建了统一的国际投资保护法制,在保护外国投资者私益的同时试图兼顾东道国国家主权,此为其成就。但该协议也存在重大不足,如所约束的国家行为范围过于狭窄、缺乏审慎措施条款、根本安全例外条款未受到必要的制度性约束等。目前的当务之急是有针对性地完善该协议。 The China-ASEAN Investment Agreement has created a unified legal framework for international investment protection within the framework of China-ASEAN Free Trade Area. It is its success in protecting the sovereignty of host countries while protecting the private interests of foreign investors. However, there are also major deficiencies in the agreement, such as the narrow scope of the state’s behavior, the lack of prudent measures, and the fundamental safety exception are not subject to the necessary institutional constraints. The immediate priority is to improve the agreement in a targeted manner.