THE LEGAL FRAMEWORK OF EU-CHINA INVESTMENT RELATIONS A CRITICAL APPRAISALPDF电子书下载

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Introduction 1

Ⅰ European Investment in China: Past History and Present Situation 5

1.1 Nationalisation (1949-1957) 7

1.2 Exclusion (1958-1977) 10

1.3 Resumption (1978-1992) 10

1.4 Rapid Increase (1993-1999) 13

1.5 Further Development (2000-) 14

Ⅱ The Role of Law in the Development of EU Investment in China 17

Ⅲ Existing Research on the Law of EU Investment in China 19

Ⅳ This Book: Purposes, Scope and Research Methods 20

Ⅳ.1 Purposes 20

Ⅳ.2 Structure 20

Ⅳ.3 Definitions 21

Ⅳ.4 Research Methods 22

Ⅳ.4.1 The Questionnaire 23

Ⅳ.4.2 The Interviews 26

Part Ⅰ The Current Legal Framework of EU Investment in China: The Components 29

1 Chinese Law on Inward Investment 31

1.1 The 'Opening-up' Policy and Foreign Investment Law Making in China 31

1.2 The Current Chinese Foreign Investment Law System 33

1.2.1 Composition of the Current Chinese Foreign Investment Law System 33

1.2.1.1 Constitutional Provisions 33

1.2.1.2 National Laws and Regulations 34

1.2.1.3 Sub-National Regulations 35

1.2.2 The Features of the Current Chinese Foreign Investment Law System 37

1.3 The Principal Forms of Investment 39

1.3.1 Equity Joint Venture (EJV) 39

1.3.2 Contractual Joint Venture (CJV) 40

1.3.3 Wholly Foreign Owned Enterprise (WFE) 41

1.3.4 Joint Exploitation (JE) 42

1.3.5 New Forms of Foreign Investment 43

1.3.5.1 Build-Operate-Transfer (BOT) 43

1.3.5.2 Stock Company with Foreign Investment (SCFI) 44

1.3.5.3 Holding Companies with Foreign Investment (HCFI) 45

1.3.5.4 Merger and Acquisition (M&A) 45

1.4 Recent Amendments to Major FDI Laws in China 46

1.4.1 Background to the Amendment 47

1.4.2 The Changed Rules 48

1.4.3 An Evaluation of the Amendments 50

1.5 Further Reform of the Chinese FDI Law System 51

1.5.1 A Unified FDI Code 51

1.5.2 A Universally Applied Company Law 53

1.5.3 An FDI Code plus a Universally Applied Company Law 53

1.6 Conclusion 54

2 EU Law on Outward Investment 55

2.1 The EU's External Investment Competence 55

2.1.1 The Existence of EC's External Investment Competence 56

2.1.1.1 Express Competence 57

2.1.1.2 Implied Competence 59

2.1.2 The Exclusivity of the EC's External Investment Competence 62

2.1.2.1 Exclusivity by the Treaty 64

2.1.2.2 Exclusivity by Nature 64

2.1.2.3 Exclusivity by Measures Adopted and Exclusivity by Acts 64

2.2 EU Law and Practice on Outward Investment 65

2.2.1 The EC Treaty 65

2.2.2 EU Policies and Measures on Outward Investment 66

2.2.2.1 General Policy: From the 1972 Proposal to the 2000 Approach 66

2.2.2.2 Unilateral Measures: From ECIP Facility to Asia Invest Programme 67

2.2.3 Community Practice in Concluding International Investment-Related Agreements 70

2.2.3.1 Bilateral Agreements 70

2.2.3.2 Multilateral Agreements 71

2.3 EU Member State Law on Outward Investment 74

2.3.1 The Liberalisation of Outward Investment within EU Member States 75

2.3.1.1 The OECD Codes of Liberalisation 75

2.3.1.2 The OECD Declaration on International Investment and Multinational Enterprises 76

2.3.2 The Promotion of Outward Investment in EU Member States 78

2.4 Towards a Common Community Investment Policy 79

2.5 Conclusion 81

3 International Law Governing EU Investment in China 83

3.1 Sources of International Law Governing EU Investment in China 83

3.1.1 International Treaties 84

3.1.2 Customary International Law 85

3.1.3 General Principles of Law 87

3.1.4 Judicial Decisions 89

3.1.5 Writings of Publicists 90

3.1.6 United Nations General Assembly Resolutions 91

3.1.7 'Soft' Law 92

3.2 Applicable International Treaties on EU Investment in China 93

3.2.1 Bilateral Agreements 94

3.2.1.1 The 1985 EC-China Co-operation Agreement 94

3.2.1.2 Bilateral Investment Treaties between China and EU Member States 95

3.2.2 Multilateral Agreements 96

3.2.2.1 ICSID Convention 96

3.2.2.2 MIGA Convention 99

3.2.2.3 WTO Agreement 103

3.2.3 An Assessment of the Applicable International Treaties 105

3.3 The Interaction between International Treaties and Chinese Law 106

3.3.1 The Relationship between International Treaties and Municipal Law 106

3.3.2 The Reception of International Treaties within the Chinese Legal System 108

3.3.3 The Direct Applicability of International Treaties by Chinese Courts 110

3.4 Conclusion 110

3.5 Conclusion of Part Ⅰ 111

Part Ⅱ The Current Legal Framework of EU Investment in China: Substantive Issues 113

4 Admission 115

4.1 Admission of Foreign Investment under General International Law 115

4.2 Admission of EU Investment in China under International Treaties 116

4.2.1 EU-China BITs 117

4.2.2 WTO Agreement 119

4.2.2.1 TRIMs Agreement 119

4.2.2.2 GATS 121

4.2.3 Summary 123

4.3 Admission of EU Investment in China under Chinese Law 123

4.3.1 Approval Procedures 125

4.3.1.1 Approval Authorities 125

4.3.1.2 Approval Process 130

4.3.1.3 Summary 132

4.3.2 Investment Directions 133

4.3.2.1 Investment Guidance and the Catalogues 134

4.3.2.2 Observations 136

4.3.3 Performance Requirements 137

4.3.3.1 Local Content Requirements 138

4.3.3.2 Export Performance Requirements 139

4.3.3.3 Foreign Exchange Balance Requirements 140

4.3.3.4 Technology Transfer Requirements 140

4.3.3.5 Local Employment Requirements 142

4.3.3.6 Compulsory Joint Venture Requirements 142

4.3.3.7 Special Performance Requirements on Services Investments 143

4.3.3.8 Observations 143

4.3.4 Summary 144

4.4 Conclusion 145

5 Standards of Treatment 146

5.1 Standards of Treatment of Foreign Investment under General International Law 146

5.2 General Standards of Treatment of EU Investment in China under International Agreements 148

5.2.1 Fair and Equitable Treatment (F&E) 148

5.2.2 Most-Favoured-Nation Treatment (MFN) 150

5.2.2.1 MFN Clauses in EU-China BITs 151

5.2.2.2 MFN Clause in the GATS 152

5.2.3 National Treatment (NT) 152

5.2.3.1 NT Provisions in EU-China BITs 153

5.2.3.2 NT Provision in the GATS 156

5.2.4 Non-Discrimination Treatment (ND) 156

5.2.5 More Favourable (Preferential) Treatment 158

5.3 Treatment of EU Investment in China under Chinese Law 158

5.3.1 Non-National Treatment for Foreign Investment 159

5.3.1.1 Inferior-National Treatment 159

5.3.1.2 Superior-National Treatment 159

5.3.1.3 Is the Existing Non-National Treatment Fair and Equitable? 162

5.3.2 Implementing National Treatment for Foreign Investment in China 163

5.3.2.1 The Conditions 163

5.3.2.2 Progress and Prospects 165

5.4 Transfer 167

5.4.1 Transfer under EU-China BITs 168

5.4.1.1 Types of Payments Covered 168

5.4.1.2 Currency Convertibility and Exchange Rate 169

5.4.1.3 Restrictions and Limitations on Transfer 172

5.4.2 Transfer under Chinese Law 173

5.4.2.1 Repatriation of Foreign Investments and Returns 173

5.4.2.2 Currency Convertibility and Exchange Rate 174

5.5 Conclusion 175

6 Expropriation and Compensation 177

6.1 Expropriation and Compensation under International Law 177

6.1.1 The 'Traditional' Rule 179

6.1.2 Challenges to the 'Traditional' Rule 180

6.1.3 Efforts to Create a New Rule 181

6.1.4 BIT by BIT: Has the Proliferation of Investment Agreements Constituted a Complete Reversal to the 'Traditional' Rule? 187

6.2 The Law of Expropriation and Compensation of EU Investment in China 192

6.2.1 Chinese Law 192

6.2.2 The EU-China BITs 193

6.2.2.1 The Constitution of Expropriation 193

6.2.2.2 Conditions of Expropriation 197

6.2.2.3 Compensation for Expropriation 199

6.3 Conclusion 203

7 Settlement of Disputes 205

7.1 Settlement of Investment Disputes 205

7.2 Settlement of Investment Disputes under EU-China BITs 210

7.2.1 Jurisdiction 210

7.2.1.1 Domestic or International Jurisdiction 210

7.2.1.2 International Arbitration and the Use of ICSID 211

7.2.2 Applicable Law 215

7.2.3 Summary 216

7.3 Settlement of Investment Disputes under the ICSID Convention 217

7.3.1 Jurisdiction 218

7.3.2 Applicable Law 221

7.3.3 Summary 223

7.4 Settlement of Investment Disputes under Chinese Law 223

7.4.1 Administrative Reconsideration and Litigation 224

7.4.2 Recent Cases 227

7.5 Subrogation and Investment Insurance 229

7.5.1 Subrogation under EU-China BITs 230

7.5.2 Investment Insurance under MIGA Convention 234

7.5.2.1 Scope of Covered Risks 234

7.5.2.2 Eligibility Requirements 238

7.5.2.3 Subrogation 240

7.5.2.4 Summary 241

7.5.3 Investment Insurance Provided by the People's Insurance Company of China (PICC) 241

7.6 Conclusion 242

7.7 Conclusion to Part Ⅱ 243

Part Ⅲ The Current Legal Framework of EU Investment in China: The Question of Effectiveness 245

8 The Current Legal Framework of EU Investment in China: The Question of Effectiveness 247

8.1 The Role of Law in Investment Decision-Making 247

8.1.1 The Relative Importance of Law as a Determinant of Investment Decision 248

8.1.2 Investigation of Law before Investment 248

8.1.3 Importance of Incentives on Investment Decision-Making 251

8.1.4 Summary 252

8.2 Effectiveness of the Chinese Legal System 253

8.2.1 Accessibility of Law 253

8.2.2 Stability of Law 254

8.2.3 Government Enforcement of Law 255

8.2.3.1 Consistency of Government Law Enforcement 255

8.2.3.2 Need for Bribery to Deal with Government Officials 256

8.2.4 Court Enforcement of Law 257

8.2.4.1 Objectivity of Courts Law Enforcement 257

8.2.4.2 Possibility of Bribing Judges 258

8.2.4.3 Political Interference in Court Decisions 258

8.2.4.4 Delays in Court and Arbitration Procedures 259

8.2.5 Enforcement of Court and Arbitration Decisions 260

8.2.6 Measuring the FDI Legal System in China against the Ideal Institutional Paradigm 261

8.3 Conclusions 263

Part Ⅳ Towards a New International Legal Framework of EU-China Investment Relations 265

9　Towards a New International Legal Framework of EU-China Investment Relations 267

9.1 The Need for a New International Legal Framework of EU-China Investment Relations 267

9.2 The Possibility of a New International Legal Framework of EU-China Investment Relations 269

9.3 The Forms of a New International Legal Framework of EU-China Investment Relations 270

9.3.1 Multilateral Approach: A MIA to which the EU and China are Parties 270

9.3.1.1 The Choice of Forum 271

9.3.1.2 The Full Participation of Interested Parties 273

9.3.1.3 The Balance of Interests 274

9.3.2 Bilateral Approach: A BIT between the EU and China 277

9.3.2.1 EU-China BIT as a Sectoral Agreement 277

9.3.2.2 EU-China BIT as a 'Built-in Section' within the Framework Agreement 278

9.3.3 An EU-China BIT and then an MIA? 279

9.4 Substantive Issues of the New International Legal Framework of EU-China Investment Relations 279

9.4.1 A Liberal Admission Regime 281

9.4.1.1 EU's Attitude towards Investment Admission 281

9.4.1.2 Chinese Attitude towards Investment Admission 283

9.4.1.3 Possible Compromise on Investment Admission in the NILF 285

9.4.2 Post-Establishment National Treatment 287

9.4.3 'Adequate, Prompt and Effective' Compensation for Expropriation 288

9.4.4 Automatic Submission of Investment Disputes to International Fora 290

9.4.4.1 Automatic Submission of Non-AOC Disputes 290

9.4.4.2 Submission of Disputes to Other International Arbitration Institutions 291

9.4.5 Social Issues 291

9.4.5.1 Human Rights 291

9.4.5.2 Labour and Environmental Standards 292

9.5 Conclusion 293

Part Ⅴ The Legal Framework of Investment Relations Between China and the New EU Member States 295

10 The Legal Framework of Investment Relations between China and the New EU Member States 297

10.1 Trade and Investment Relations between China and the EU 10 States 298

10.1.1 Trade and Investment Relations between China and the EU 10 States 298

10.1.1.1 Cyprus 298

10.1.1.2 Czech Republic 298

10.1.1.3 Estonia 299

10.1.1.4 Hungary 299

10.1.1.5 Latvia 300

10.1.1.6 Lithuania 300

10.1.1.7 Malta 301

10.1.1.8 Poland 301

10.1.1.9 Slovakia 302

10.1.1.10 Slovenia 302

10.1.2 Overview and Implication on General EU-China Investment and Trade Relations 303

10.2 The Legal Framework of Investment Relations between China and the EU 10 States 305

10.2.1 Multilateral Agreements to which China and the EU 10 States are Parties 305

10.2.1.1 The ICSID Convention 306

10.2.1.2 The MIGA Convention 306

10.2.1.3 The WTO Agreements 307

10.2.2 Bilateral Agreements between China and the EU 10 States 308

10.2.3 Domestic Laws of China and the EU 10 States 308

10.2.4 Summary 308

10.3 The Bilateral Investment Treaties between China and the EU 10 States 309

10.3.1 Admission 310

10.3.2 Standards of Treatment 311

10.3.2.1 General Standards of Treatment 311

10.3.2.2 Monetary Transfers 312

10.3.3 Expropriation and Compensation 315

10.3.3.1 Constitution and Conditions 315

10.3.3.2 Compensation 317

10.3.4 Subrogation 317

10.3.5 Dispute Settlement 320

10.3.5.1 State-State Disputes 320

10.3.5.2 State-Investors Disputes 320

10.3.6 Summary 324

10.4 Conclusion 325

Appendix Ⅰ: Questionnaire on Law and European Investment in China 329

Appendix Ⅱ: Scores Allocated to Questionnaire Responses to the Effectiveness of FDI Legal System in China 336

Bibliography 339

Index 359

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