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7 - Multilateral Reform of Investor–State Dispute Resolution Mechanism

A Balance between Public Legitimacy Management and Private Efficiency Refinement

from Part III - China, BRI and Investment Dispute Resolution

Published online by Cambridge University Press:  03 March 2021

Wenhua Shan
Affiliation:
Xian Jiaotong University, China
Sheng Zhang
Affiliation:
Xian Jiaotong University, China
Jinyuan Su
Affiliation:
Wuhan University School of Law
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Summary

It looks at the reform of investor–state dispute settlement from the perspective of fast resolution, party autonomy and cost management. It proposes a Chinese perspective on Multilateral Investment Dispute Resolution (MIDR) system of balance between public legitimacy management and private efficiency refinement. The institutional structure of MIDR should be of internal balance, moderating three tensions between state and arbitrator, between investor and host state, and between state and arbitral tribunal during ex ante and ex post process of dispute resolution. The process of establishment of MIDR should be of external balance, moderating tensions between procedure and substance of MIDR, between MIDR and existing institutions, and between legal rights of MIDR stakeholders and political will of leading states.

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