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在后金融危机时代,国际投资的全球治理正在发生重大变迁。发达国家相互之间投资关系越来越被纳入国际投资条约约束,新兴大国越来越具有资本输出国与资本输入国双重混同身份,发达国家与新兴大国之间投资关系越来越具有互惠性质,经济危机和投资条约仲裁越来越促使发达国家、新兴大国以及其他发展中国家和转型经济国家反思新自由主义国际投资法律机制内在的严重失衡和不稳定性。与此同时,在多边主义举步维艰之际,投资议题已被纳入双边、区域乃至元区域经济一体化协定的战略竞争格局。双边投资条约仍占主导地位,但区域主义正在兴起。投资与贸易议题一体化、投资与非经济议题一体化的趋势不断加强。投资条约实践越来越复杂多样,但是,平衡化和可持续发展越来越成为主流趋势,加之投资准入自由化、便利化、透明性的兴起,意味着高标准、平衡化的全球投资治理正在兴起。投资仲裁透明度改进较大,但不一致性和不平衡问题依然比较严重。全球投资治理正在从新自由主义范式转向内嵌自由主义范式。
In the post-financial crisis era, the global governance of international investment is undergoing major changes. The investment relations among developed countries are increasingly being bound by the international investment treaties. The emerging powers have more and more the dual identities of the capital-exporting countries and the capital-importing countries. The investment relations between the developed countries and emerging powers are becoming more and more mutually-beneficial. Economic crisis and investment treaty arbitration have increasingly prompted developed countries, emerging powers and other developing countries and countries with economies in transition to reflect on the serious imbalances and instabilities inherent in the neoliberal international investment law mechanism. In the meantime, as multilateralism has struggled, investment issues have been brought into the strategic competitive landscape of bilateral, regional and even yuan-regional economic integration agreements. Bilateral investment treaties still dominate, but regionalism is on the rise. The trend of integration of investment and trade issues and the integration of investment and non-economic issues has been continuously strengthened. The practice of investment treaties is becoming more and more complex and diversified. However, the trend toward balanced and sustainable development is becoming more and more mainstream. Coupled with the rise of investment liberalization, facilitation and transparency, this means that a high standard of balanced global investment governance Is rising. The transparency of investment arbitration has been greatly improved, but the problems of inconsistency and imbalances remain relatively serious. Global investment governance is shifting from the neo-liberal paradigm to the neo-liberal paradigm.