Research On The Construction Of Investment Arbitration Mechanism Under The "Belt And Road" Initiative

The "One Belt,One Road" initiative was proposed by General Secretary Xi Jinping.Based on the dual multilateral mechanism of China and neighboring countries,the "One Belt and One Road" initiative has been focused on improving the system of opening up to China.In recent years,China’s economic and trade activities along with the “Belt and Road” countries have become more and more close,and the number of project contracting and overseas investment has increased substantially.China’s reform and opening up and the “going out” vision have achieved great success.However,the economic development of the countries along the “Belt and Road” is not high,and the political,cultural,and legal differences are large,and the infrastructure is weak.Under the influence of various countries,China?s foreign investment is also facing many uncertain factors and huge risks.The possibility of investment disputes is also growing.At this time,the “Belt and Road” is an important tool for coordinating the two major domestic and foreign situations,and its effective implementation requires the law as its strong backing.As the main way to resolve international investment disputes,investment and arbitration mechanisms are increasingly being valued and used.The status of both private investors and host countries in the international investment arbitration mechanism is the same,and the two sides maintain their rights through direct communication.The advantage of this method is that the mechanism can well protect the rights of investors and promote the efficient settlement of investment disputes.But at the same time,the mechanism has also raised many questions in the international arena.Because of the existence of the "legitimate crisis",investment arbitration has been questioned internationally.And when the international investment arbitration mechanism is used in practice,many issues are also subject to international disputes,such as the bias of investor protection,the opaque arbitral procedure,the inconsistency of the ruling,the abuse of arbitration by investors,and the arbitral tribunal.Arbitrary interpretation of jurisdiction and so on.In response to these problems,the international community has also proposed a large number of international investment dispute settlement mechanism reform programs from the aspects of investment treaties and dispute settlement mechanisms.With the full implementation of the “Belt and Road”,geopolitical high risks and religious and legal conflicts have triggered a large number of trade frictions and investment disputes.The existing investment arbitration mechanism has great inconsistency,uncertainty and unpredictability.Moreover,investment disputes in many countries in the “Belt and Road” domain cannot be fully applied to the investment dispute settlement mechanism,and the dispute cannot be submitted to ICSID for resolution.In response to these circumstances,most scholars advocate the improvement of the existing investment arbitration system,enhance transparency and public participation,and join the appeal mechanism to reform the arbitrator appointment mechanism.However,in recent years,the call by the international community to protect the regulatory authority and public interest of the host country has become stronger and stronger.The international investment arbitration system represented by ICSID has been increasingly questioned,and some supporters have proposed to establish a new international investment dispute resolution mechanism.This replaces the original investment arbitration mechanism.Under the construction opportunity of the “Belt and Road”,China is facing the trend of reform of the international investment arbitration mechanism.Depending on the situation,we should participate in and lead the development of investment dispute resolution mechanisms suitable for the “Belt and Road” countries.How to choose the way of construction,such as how to establish a regional investment arbitration mechanism that can meet the needs and concepts of the common interests of the “Belt and Road” countries and integrate into the Chinese elements,all need to be studied in depth.In order to respond to the current diversified reform trend of investment arbitration and protect the interests of China and the investment along the “Belt and Road”,this paper combines the status of “Belt and Road” with the international investment arbitration mechanism,from the traditional investment arbitration with the ICSID mechanism as an example.The shortcomings of the mechanism and the problems faced by the investment and arbitration practice under the “Belt and Road Initiative” initiative,analyze the necessity and feasibility of establishing an investment arbitration mechanism under the “Belt and Road” initiative,and propose that China can guide the construction to be more in line with the “Belt and Road”.Regional investment arbitration mechanism.Continue to lead the construction of investment law rules in the region.