“投资”是双边投资条约中的关键术语,在某种意义上决定了东道国为外国投资者提供保护的程度。随着中国加入WTO、全球经济一体化与投资自由化的深入推进,中外BITs中“投资”的界定出现了逐步扩大的发展趋势,我们有必要认清中国面临的形势以及BITs出现的新现象,采取更加严谨、明确的语言对宽泛的投资定义加以限制。 “Investment ” is a key term in a BIT that determines the degree to which the host country provides protection to foreign investors in a sense. With China’s accession to the WTO, the globalization of economy and the liberalization of investment in other countries, the definition of “investment” in Chinese and foreign BITs shows a trend of gradual expansion. We need to recognize the situation in China and the emergence of new BITs Phenomenon, to adopt a more rigorous and clear language to limit the broad definition of investment.