Construction Of The Settlement Mechanism Of International Investment Disputes Between Foreign Investor And Host Country Under The Background Of The "One Belt One Road" Initiative

With the gradual advancement and in-depth implementation of the “Belt and Road”(B&R)strategy,step by step,the B&R region has achieved the convenience,rapidity,diversification,and output of intraregional trade and investment,and the links between countries have become much closer.The closeness and widening of various policies have provided a broader arena,which will undoubtedly significantly increase the volume of international investment among countries along the B&R region.The number of international investment disputes also increase.Countries along the B&R need to take timely and effective measures.During this process,China should even provoke the role of the big beam,providing escort for the development of the B&R strategy and providing strong backing and guarantees.Since the regional cooperation model advocated under the B&R strategy is not completely the same as the ones that existed before,the international model established based on the traditional model in terms of value orientation,interest orientation,detailed operations,and methodological aspects,so it is difficult for the existing investment dispute resolution mechanism to match the B&R strategy model.In the process of applying the mechanism,the existing bilateral investment dispute resolution mechanism has problems with the B&R countries,such as incomplete or missing legislation,limited scope of arbitration,and limited scope of protection.The multilateral investment dispute settlement mechanism has insufficient mechanisms.It is difficult to cover and applicable to all B&R countries,often offers more protectionto foreign investors and less protection to heavy host countries which causes imbalances of interests.Besides,the rationality of the structure of the arbitrator team is under question,the compensation standards are too high for host country,even causing heavy financial burden.The drawbacks of existing mechanisms have gradually become depressed,which is hard to match the actual needs of the B&R strategy.We shall Find appropriate solutions to such problems.China shall actively participate in the formulation of international investment rules and optimizes the current international investment dispute resolution mechanism,which expanding China's international influence,demonstrating the style of a big country and further enhancing its international discourse rights,and at the same time expanding the B&R strategy's world influence.Therefore,the B&R countries,especially developing countries,should actively participate in “revolution” and draw on existing international mechanisms and experiences,drawing lessons from their wisdom,summarizing their problems,and can turn to the Asian Infrastructure Investment Bank which is a good platform.Firstly,we shall establish basic principles of the B&R international investment dispute settlement mechanism and set its path.Secondly,we shall explore to draft the B&R International Investment Dispute Settlement Mechanism Convention,then settle down the relevant legal basis and conclusion of the convention.Thirdly,we shall effectively implement the establishment of the permanent institution,clarifying its purpose,jurisdiction,and basic methods to resolve related disputes.Finally,we shall implement the innovation of the specific system,which mainly includes the establishment of an appeal mechanism to balance the rights and interests between foreign investors and host countries,optimize the organizational structure of arbitration teams,and establish compensation standards that match the basic national conditions of countries along the B&R.