The Applicability of Chinese-Foreign Bilateral Investment Treaties to Hong Kong and Macao and their Investors Abstract Under the constitutional principle of “One Country, two systems” and the background of China as a unitary government and multi-jurisdiction State, there arise many unique legal issues to be resolved in Hong Kong $AR and Macao SAR. This thesis uses case analysis as the basis for the further examination and research of international law theory, subject to the issue of whether the bilateral investment treaties (BITs) signed by the Government of People's Republic of China with foreign States, should applies to Hong Kong SAR and Macao SAR and the investors therein. Sino-foreign BITs provide international legal protection to foreign investment in China and Chinese investment abroad, therefore, the first section of the thesis introduces the history evolution, the current status and the value of BITs from three levels, the international level, the domestic level, as well as the HK and Macao level. The second section focus on the two international investment arbitration cases, the investors of which are respectively HK resident and Macao Company, and from which arises the issue of applicability, i.e., whether the Sino-foreign BITs applies to HK and Macao SARs (ratione loci).and whether the Sino-foreign BITs applies to HK and Macao investors under (ratione personae). Through the comparison of the two arbitral awards, the author is in favor of the logic contained in the HK investor case, where the judge decided that in the case of investment dispute occurred in foreign countries, there is need to discuss whether the BIT applies to HK or Macao investor, only when foreign investors encounter investment dispute in HK or Macao, should we discuss whether the BIT applies to HK or Macao. The third section further discuss the preceding two questions. Firstly, according to the territorial application rules in the Vienna Convention on the Law of Treaties (VCLT), most of Sino-foreign BITs did not expressly state that they would not apply to SARs; secondly, the basic laws of HK and Macao did not otherwise establish that Sino-foreign BITs would not apply to SARs; lastly, since international laws have the priority to domestic laws, Sino-foreign BITs apply to the whole territory of China, including HK and Macao. Regarding to the applicability of Sino-foreign BITs to HK and Macao investors, based on the interpretation rules of VCLT and other criteria of the nationality natural person and legal person, the author approves the Sino-foreign BITs and therefore the BITs may apply to HK or Macao investors with nationality of China. The fourth section put forward suggestions from the perspective of government and investors respectively. The last section is the conclusion of the whole thesis. Key words: Chinese-foreign bilateral investment treaties, Hong Kong and Macao investors, ICSID arbitration, VCLT

中外双边投资协定对港澳特区和港澳投资者的适用问题研究 中文摘要 在“一国两制”基本国策和中国单一制多法域国家的背景之下，港澳特别行政区出现不少独有的法律问题有待解决，本文以案例分析为基础，运用国际法理论进行进一步研究和验证，针对中国政府代表中华人民共和国与外国签订的中外双边投资协定是否适用于港澳特区以及港澳投资者这一问题进行相关探讨。 中外双边投资协定从国际法上给予中国对外投资和外国在华投资提供法律保护。因此本文第一部分从国际层面、国内层面、港层面三方面简要介绍了各层面的双边投资协定的历史发展、现状、意义等等。 随后，基于两例分别以港澳自然人投资者为当事人和以港澳法人投资者为当事人的国际投资仲裁案例的背后裁决思路进行辨析和比较，并由此提出可适用性的问题，即一方面，就属地效力而言，中外双边投资协定是否适用于港澳特区，另一方面，就属人效力而言，中外双边投资协定是否适用于港澳投资者。通过对两案裁决思路的比较，作者更倾向于认可谢业深案中仲裁庭裁决暗含的逻辑，即对于具有中国国籍的港澳投资者在国外投资发生的纠纷，需探讨中外双边投资协定是否适用于港澳投资者，而无需探讨中外双边投资协定是否适用于港澳特区，后者仅对于外国投资者在港澳投资发生的纠纷具有探讨意义。 第三部分则分别论证以上两个问题，即中外双边投资协定是否适用于港澳特区和是否适用于港澳投资者。首先，根据条约法领土适用规则，中外双边投资协定(除中俄双边投资协定)一般并未明确表明条约不适用于港澳特区，其次，港澳基本法和中英、中葡联合声明也并未另经确定中外双边投资协定不适用于港澳特区，最后，由于国际法在法律效力上优先于国内法，因此中外双边投资协定适用于中国全部领土，包括港澳特区关于中外双边投资协定适用于港澳投资者，作者基于国际法上的多种条约解释规则以及国际法和国内法上对于自然人和法人国籍的认定标准，论证具有中国国籍的港澳特区自然人和法人均构成中外双边投资协定项下合格的投资者，从而可以适用中外双边投资协定。 第四部分基于目前的现实困境，从政府和投资者两个角度提出相应的建议。最后一部分则为全文的总结。 关键词:中外双边投资协定，港澳投资者，ICSID仲裁，VCLT