Research On The Issue Of Fulfillment Requirements In The Framework Of Sustainable Development Investment Policy

Performance requirements are regulatory measures imposed by the host country on foreign investors in light of its actual conditions.In view of the contradiction between the implementation requirements on foreign investment regulation and the traditional international investment policy for the purpose of investment protection,some countries have raised performance prohibition requirements.However,with significant changes in the international investment status of the North and South countries,the "unbalanced" traditional international investment policies face challenges.As an important measure to balance interests,the performance requirement,blindly limiting investment obviously does not conform to the new trend of international investment policy development.In 2012,the United Nations Conference on Trade and Development issued the Investment Policy Framework for Sustainable Development,demonstrating the latest trend in international investment development,namely,investment for Sustainable Development —emphasizing sustainable development for host countries and win-win outcomes for all parties involved in international investment.As a measure to achieve sustainable development in the host country,fulfilling requirements is of great significance for investment in sustainable development.According to the practice of the performance requirement in international investment rules,the performance requirement can be divided into three types: prohibitive performance requirement,voluntary performance requirement and prohibitive performance requirement.However,due to different development needs of different countries and different attitudes towards performance requirements,it is difficult for international investment rules to make uniform regulations on performance requirements,plus the uncertainty of arbitral awards involving performance requirements.Reforming performance requirements under the framework of sustainable development investment policies has become a breakthrough in giving play to the positive role of performance requirements in realizing the sustainable development of host countries and balancing the rights and obligations of the parties to investment.Specifically,at the international level,we shall incorporate the principle of sustainable development into international investment agreements;and at the domestic level,we shall introduce responsible investment and improve investment incentive mechanisms.Combined with the current practice of China's performance requirements,as a capital exporter,China's overseas investors in the international context are facing varying degrees of performance requirements.As a capital importing country,our country needs to continue to expand opening up and actively introduce foreign capital.It is an important challenge for our country to reform the requirement of fulfillment on the premise of taking account of both the interests of the capital importing and exporting countries,realizing the sustainable development of our country and protecting the interests of our investors.After analyzing the investment policy framework for sustainable development and drawing on the experience of international practice,we have come to the conclusion that we may establish investment policies for sustainable development at home.First,the application of the requirement of performance shall be in line with the national strategic development.Second,investment incentives shall be used to strengthen the management of foreign investment.Last,responsible investment shall be vigorously promoted to achieve balance of interests.In addition,for the formulation of investment agreements,China shall speed up the establishment of a model sustainable development investment agreement,adhere to the concept of sustainable development and balance,and introduce exception clauses in the performance requirement clauses,so as to safeguard the interests of Chinese overseas investors.