The Dilemmaand Improvement Of The Recognition And Enforecement System Of International Arbitration Awards

As one of the core systems of international investment arbitration,the recognition and enforcement system is an important way to transform effective awards into actual rights and interests,and also an important tool to consolidate the authority of international investment arbitration system.The ICSID has neglected the issue of recognition and enforcement of awards in the process of reform of the international investment arbitration system.The sustainable development of international investment governance has put forward requirements for the optimization of the recognition and enforcement system of awards.As the largest engine of world economic growth,China will also face the challenge of recognition and enforcement of international investment arbitration.International investment arbitration has obtained the guarantee of recognition and enforcement under the principle of " treaty must be adhered to," and the relationship between international and domestic basis of recognition and enforcement of awards has been straightened out through " coordination theory." Based on the normative review and practical investigation,it is found that the ICSID arbitral tribunal ’s understanding and interpretation of " investment " are inconsistent or even conflicting,and the adjudication relief path is not perfect.Non-ICSID awards also face the problem of unclear judicial review standards.As a country where the ruling is enforced,China also has difficulties to be solved,such as the absence of competent agencies,insufficient supporting legislation,and unclear provisions on state immunity.Due to the limited function of international law and the difficulty in unifying the positions of various countries in the reform of adjudication relief,the reform and optimization of the system related to the recognition and enforcement of adjudications are facing obstacles in the world.The main reasons for the derailment of China ’s relevant rules from international rules are the transformation of domestic law and international law and the complex nature of state immunity.The reform of the recognition and enforcement of international investment arbitration awards needs to continue.At the international level,the interpretation rules of the definition of " investment " should be improved,and the appeal system of investment arbitration should be constructed in practice.As an important participant in international investment,China should also improve the management institutions and relevant legal provisions on the basis of self-reflection,appoint the Supreme People ’s Court as the competent authority,and make a good connection with the Washington Convention by amending the relevant legal provisions of the Arbitration Law of the Civil Procedure Law,and continue to improve the relevant provisions of state immunity with the opportunity of the Foreign State Immunity Law(Draft),so as to improve the influence and attraction of China ’s international arbitration market.