Perfection Of National Security Review Concerning Foreign Investment In China From The Perspective Of Procedure

National security review of foreign investment can achieve an effective balance between opening up investment and maintaining national security,and is an internationally accepted regulatory system for foreign investment.With the dramatic changes in the economic landscape in recent years,countries around the world have strengthened their review and revised the national security review system for foreign investment under the existing legal framework to further tighten the control on foreign investment.China insists on opening up to the outside world and fully implements the negative list model for market access,raising the field of mergers and acquisitions to the entire foreign investment sector.Influenced by the international situation as well as changes in China’s foreign investment regulatory policies,it is of practical significance to improve the national security review system.As an important part of the national security system for foreign investment,the review process is concerned with the physical content such as the practice of review standards.A reasonable physical system must be paired with a standardized procedural design in order to give full play to the dual effectiveness of national security review in balancing national security interests and investment rights.Our country has successively promulgated laws and regulations such as the "Foreign Investment Law" and "Measures for Security Review of Foreign Investment",and has made some progress in constructing the substantive system of national security review,but there is still room for improvement in the foreign investment security review process,and the transparency,flexibility and accountability of the process should be further improved to guarantee the realization of the substantive norms.Taking the national security review of foreign investment from the procedural perspective as the starting point,the article develops the discussion according to the progress stages of the review process,oriented to the issues of informal consultation process,initiation mode,review decision stage and remedial procedures of the review.Firstly,the value and setting principles of the review procedure are analyzed,and the specific requirements of the principles of due process,transparency,proportionality,efficiency and confidentiality of information are discussed.Then the issue of informal consultation procedure is analyzed from three aspects: the content of our consultation procedure,the time limit of consultation and the interface between consultation procedure and formal procedure.Secondly,we analyze the composition of the initiating body,the initiation of investor declaration and the initiation of third party proposal in China’s initiation mode.Then,the investigation and evidence collection,decision-making mechanism and conditional application in China’s review and decision stage are elaborated.Finally,we focus on the protection of rights and interests by analyzing the remedial procedures in China at both international and domestic levels in order to improve the accountability of security review decisions,build a rule of law investment environment,and provide investors with necessary and effective remedies.