关于在WTO下建立“一带一路”争端解决机制的探讨

Introduction1.1ResearchBackgroundSincethe21stcentury,thecommunicationbetweencountriesbecomemorefrequent,inarelativelystableenvironment,countriespaymoreattentiontoeconomicdevelopment.Underthebackgroundofeconomicglobalization,internationalinvestmenthasalsoseenanewsituationwitheachpassingday,whichhasbecomeapowerfulboostforglobaleconomicdevelopment.Disputesinthefieldofinternationalinvestmenthavealsofollowed,andtheinternationalcommunityhasbeenmakingunremittingeffortstofindnewwaystoestablishareasonablemechanismforthesettlementofinternationalinvestmentdisputes.In2013,Chinaproposedtojointlybuild“theSilkRoadEconomicBeltandthe21st-CenturyMaritimeSilkRoad”.Sinceitsinception,the“BeltandRoad”initiativehaswonthesupportofmanycountries.Sofar,the“BeltandRoad”initiativehasnotonlyprovidedagoodplatformfortheeconomicexchangesamongcountriesalongthe“BeltandRoad”,butalsoeffectivelypromotedtheeconomicdevelopmentofcountriesalongthe“BeltandRoad”.Inparticular,theincreasingfrequencyoftransnationalinvestmentwillnotonlyinjectnewvitalityintocountries,butalsoinevitablyleadtointernationalinvestmentdisputes.In2017,ZhouQiang,Presidentofthesupremepeople'scourtofChina,proposedtheestablishmentofthe“BeltandRoad”disputesettlementmechanism.The"OpinionsonEstablishingthe"BeltandRoad"DisputeResolutionMechanismandSystem"wasadoptedin2018.AllpartiescallforthejointestablishmentofThe“BeltandRoad”disputesettlementmechanism.Inthiscontext,itisimperativetobuildaninternationalinvestmentdisputesettlementmechanismthatconformstotheideaoftheinitiative.1.2Significanceandpurposeoftopicselection1.2.1SignificanceofthetopicAlthoughthetradepolicycooperationbetweenChinaandthecountriesalongthe“BeltandRoad”hasmadegreatachievements,itstillfacesmanychallenges.HowtoresolvethetradedisputesbetweencountrieseffectivelyandreasonablyintheproblemsfacedbyChinaandothercountriesintheworld?Inaddition,thecomplexityanddifficultyofdisputeresolutionarealsoaffectedbythediversityofthelegalenvironment.Thecontroversycausedbythe“BeltandRoad”initiativefurtherenhancedpeople'sexpectationontheconstructionofthe“BeltandRoad”disputesettlementmechanism.The“BeltandRoad”disputesettlementmechanismandtheWTOdisputesettlementmechanismdifferinbackgroundandstartingpoint.TheWTOdisputesettlementmechanismisstilloneofthemostwidelyuseddisputesettlementmechanismsintheinvestmentandtradefield.Ithasmanyyearsofpracticalexperienceindisputeresolution.Therefore,theintroductionofWTOdisputesettlementmechanismisofgreatvaluetotheconstructionofthe“BeltandRoad”"disputesettlementmechanism.1.2.2purposeoftopicIntheconstructionofthe“BeltandRoad”,Chinahasencounteredtheimpactoftheanti-globalizationandanti-globalizationtrendofwesterndevelopedcountries,whichfurtherincreasestheinvestmentriskofChineseenterprisestothe“BeltandRoad”countriesandregions.Therefore,itisnecessarytofurtherstudynationalpolicies,reserveoverseasstrategictalents,establishamechanismofjointcooperationbetweenthegovernment,financialinstitutionsandenterprises,protectoverseasinterests,strengthentheabilitytoidentify,preventandrespondtointernationalrisks,andsafeguardthesecurityofoverseasChinese-investedenterprises'investmentinenterprises,soastoprovidenewopportunitiesforChineseenterprisesto"goglobal"underthe“BeltandRoad”initiative.China'splanninghasbecomeamajorsubjectofthe“BeltandRoad”initiative.Inviewoftheaboveproblems,thispaperhopestomakeacomparativeanalysisoftheWTOdisputesettlementmechanismfrommultipleperspectives,sothattheconstructionofChina'sthe“BeltandRoad”disputesettlementmechanismcanabsorbtheWTOdisputesettlementmechanismtoacertainextentandpromoteitssounddevelopment.LiteratureReviewDomesticandforeignscholarsontheresearchoftheexistinginternationalinvestmentdisputesettlementmechanismhasmorefully,mainlyfromdifferentanglestothejurisdictionoftheexistingmechanism,thechoiceofthewaysofdisputeacomparativestudy.Domesticscholarshavepaidmoreattentiontotheanalysisofthenecessityandfeasibilityofthemechanismconstruction,elaboratednewissuesofinvestmentdisputeresolutionunderthe“BeltandRoad”fromdifferentaspects,andproposedtousetheexistinginternationalinvestmentdisputesettlementmechanismasareferencetoconstructthe“BeltandRoad”Investmentdisputeresolutionmechanism.LiLiaobelievesthatifthe“OneBeltOneRoad”choosesanexistingdisputesettlementmechanism,itcanbebasedontheWTOtradedisputesettlementmechanismandtheICSIDinvestmentarbitrationmechanism,supplementedbybilateralagreements,andflexiblyusediplomaticmeanstoresolvethe“OneBeltOneRoad”dispute.Ifanewdiversifieddisputeresolutioncenteristobeconstructed,itisnecessarytouseconsultation,mediation,arbitration,andlitigationasthemaindisputeresolutionmethodsonthebasisofadheringtotheprincipleofmutualconsultationandjointconstructionandsharing.Buildthe“BeltandRoad”mediationcenter,commercialarbitrationcenterandinvestmentarbitrationcenter,andgraduallybuildaperfectthe“BeltandRoad”diversifieddisputeresolutioncenter.MengLimadeanobjectiveanalysisofthe“BeltandRoad”politicalriskandlegalriskinhisresearch,combinedwithrelevantinternationalexperienceandinternationalpractices,exploredtheestablishmentofathe“BeltandRoad”overseasinvestmentriskpreventionmechanismanddisputesettlementmechanismwithlawasthemainmethod,andeffectivelyprevented,controlledandresolvedpoliticalriskandlegalriskthroughoutthewholeprocessofChineseenterprises'overseasinvestmentdynamics.ItnotonlyprovidescorrespondinglegalprotectionforChineseenterprises'overseasinvestmentrightsandinterests,butalsolaysafoundationandcreatesapremiseforstrengtheningthe“BeltandRoad”legalconstructionandbuildingagoodlegalbusinessenvironmentofthe“BeltandRoad”.YunZhaobelievesthattheconstructionofthe“BeltandRoad”isacomplexandarduousnewundertakingandsystematicproject,whichurgentlyneedstheinstitutionalsupportandguaranteeofrelevantinternationallaws,internationaltreaties,andagreements.Therefore,itisnecessarytocorrectlyunderstandandplaytheroleofinternationallawtodealwithandpreventlegalrisksintheconstructionofthe“BeltandRoad”.BothJingSunandXiaoxingChenbelievethatwiththegradualpromotionandin-depthimplementationofthe“BeltandRoad”initiative,trade,andinvestmentinthe“BeltandRoad”regionhavebeenfacilitated,accelerated,diversifiedandproductive.Countrieshavebecomeincreasinglyconnectedwitheachother,andvariouspolicieshavebeenfurtheropenedup.Thevolumeofinternationalinvestmenttransactionsincountriesalongthe“BeltandRoad”intheregionhasincreasedsignificantly,andthenumberofinternationalinvestmentdisputeshasalsoincreased.Countriesalongtherouteofthe“BeltandRoad”needtotakeeffectivemeasuresinatimelymanner.the“BeltandRoad”initiativeitselfisledbyChina,soChinashouldplayaleadingroleinthisprocessandescortthedevelopmentofthe“BeltandRoad”initiative.Bycomparingandresearchingthe“BeltandRoad”disputesettlementmechanismwithotherglobalandregionalinvestmentdisputesettlementmechanisms,ChenChengpointedoutthattheestablishmentofaninternationalinvestdisputesettlementmechanismmustbecloselylinkedtothebackgroundestablishedbyeconomicorganizationsandthenationalconditionsofvariouscountriesintheregion.Litinganalyzedtheadvantagesanddisadvantagesoftheexistinginternationalinvestmentdisputesettlementmechanismsinthecountriesalongthe“BeltandRoad”routeandconcludedthatthesemechanismswerenotsuitableforthecountriesalongthe“BeltandRoad”route.Inordertomakeupforthisinadaptability,itisnecessarytoconstructadisputesettlementmechanismthatconformstotheuniquenationalconditionsofthe“BeltandRoad”.Basedonthestudyofdomesticandforeignresearchtrendsandthereferenceofdomesticandforeignscholars,thispaperproposesinnovations,introducesandanalyzesthecurrentsituationandpracticeofinternationalinvestmentdisputesettlementunderthe“BeltandRoad”initiative,andbasicresearchontheresearchonexistinginternationalinvestmentdisputesettlementmechanism,therelevantideasfortheconstructionoftheinternationalinvestmentdisputesettlementmechanismunderthe"BeltandRoad"initiativeareproposed.3WTOdisputesettlementmechanismandcontentProsandCons3.1maincontentAlthoughtheWTOdisputesettlementmechanismismainlydealingwithinternationaltradedisputes,butalsoforSettlementofInvestmentDisputestraderelated.Inpractice,therearealsodisputesbetweenthetwopartiestosubmitinvestmentdisputestothemechanismforsettlement.3.1.1JurisdictionofWTOmechanismWTOjurisdictionshouldmeetthefollowingthreeconditions.First,asfarasthesubjectofjurisdictionisconcerned,thepartiestothedisputearethegovernmentoftheContractingState,nottheenterprise.ForeigninvestorsneedtoasktheirgovernmentstoinitiateWTOdisputesettlementprocedures,andtheycannotfiledisputeswiththeWTOinaprivatecapacity.Secondly,withregardtothesubjectmatter,accordingtotheprovisionsoftheUnderstandingofDisputeSettlementRulesandProcedures,theWTOdisputeresolutionmechanismappliesprimarilytoinvestmentmeasurestakenbyMemberStatesinaccordancewithnationallaworadministrativeorders.Third,inthesubjectiveaspect,itmainlyprovidescompulsoryjurisdiction,namelynotallthemembersagreetosetupthepanel,thepanelwillfail.3.1.2WTOdisputesettlementmechanismandproceduresTherearethreemainmethodsandproceduresforWTOdisputesettlement.First,politicalconsultationandmediation.Thepartiestoadisputemayrequestconsultationandmediationatanytimeduringthedisputesettlementprocedure.Becausetheconsultationprocessisrelativelysmoothandfast,itismoreeffectiveandcommoninjudicialpractice.Evenifthedisputecannotberesolvedthroughnegotiation,thecaseinformationcollectedbythepartiestothedisputeduringthenegotiationprocesscanalsofacilitatethepanelprocess.Themediationthirdpartyisthecommittee,anditsopinionsonthedisputedcasearenotlegallybinding.Thesecondistheexpertpanel.Ifpoliticalmeanscannotresolvethedispute,eitherpartycanapplytothepanelforahearing.Theexpertgroupmainlyinvestigatesdisputesbasedonthefactsandtheapplicationofthelaw,reportstheinvestigationresults,andmakescorrespondingrecommendations,andsubmitsareporttothedisputesettlementbody.Thethirdisthereviewoftheappealbody.TheWTOAppellateBodyhasreviewedthereportoftheGroupforthefirsttime,andmadeafinaldecision3.2AdvantagesofWTOdisputesettlementmechanism3.2.1Disputeresolutionisefficientandreasonable3.2.1.1MandatoryjurisdictionoverdisputesbetweenMemberMembersoftheWTOdisputesettlementmechanismdisputecompulsoryjurisdiction,namely"Denialofconsensus"decision-makingmechanismis,infact,theWTO'sdisputesettlementbodycanbeforcedtodealwiththeWTOdisputes,"compulsoryjurisdiction"breakthroughthetraditionalinternationallaw"shallnotforceanycountry".MandatoryjurisdictionplaysanimportantroleinensuringtheeffectiveoperationoftheWT0disputesettlementmechanism.3.2.1.2EstablishedasystemofreverseconsensusThesystem'sreverseconsistentprogramflowguards,forexample,"Setupanexpertpanelprogram"and"Starttheappealprocess","Expertgroupreportpassed"and"Appealbody'srecommendationsanddecisionspassed"Thesystemis"reverseconsensus"Isessentiallyanautomaticorquasi-automaticmechanism,becausetherequesterwillnotobjecttohisrequest.The"reverseconsensus"systemcaneffectivelypreventapartytothedisputefromdeliberatelyobstructingthepassageoftheprocedureorextendingthepassagetime,therebyimprovingtheefficiencyandspeedofdisputesettlementbythedisputesettlementagency.3.2.1.3CleartimelimitAslongasthedisputesettlementmechanismisinvolvedintradeandinvestmentdisputes,andtimeforeachprojectareclearrules,partiestothedisputewithinastricttimelimittoexercisetheirrightsandobligations,thespecifictimelimitavoidabledelayprogram,andpredictabilitythedisputesettlementprocesstoensureeffectiveoperationoftheWTOdisputesettlementmechanism,efficientandreasonablesolutiontothedispute.3.2.2Awiderangeofdisputeresolutionandtheimportanceofnon-judicialwayUnderWTOdisputesettlementmechanism,thedisputecanberesolvedthroughmultiplepathwaysinjudicial,non-judicial.Intheprocessofdisputesettlement,thepartiestothedisputecanresolvethedisputethroughjudicialmeanssuchaspanelrulingsorchoosenon-judicialmeanssuchasnegotiationormediation.Inaddition,intheprocessofdisputesettlement,thereisanopportunitytomakefulluseofnegotiationsbetweentheparties,suchasnegotiation,mediation,reconciliationandmediation,suchaspoliticaldisputes,thedisputesettlementproceduresofthepartiestothedisputerequestmediation,mediation,arbitrationatanytime,oncethedisputeThejudicialprocessofthepartieswillbeterminatedimmediately,effectivelyreducingthecostsofbothpartiestoresolvethedispute.Allowingthirdpartiestoparticipateinthedisputesettlementprocessisconducivetoverifyingthefactsofthecase,avoidingwasteofjudicialresources,andhelpingtoresolvedisputesbetweenWTOmembersinatimelyandeffectivemanner.Inaddition,disputescanberesolvedthroughnegotiations,andcanberesolvedquicklyinarelativelygentlemanner.Allpartiesaremorelikelytoaccepttheresultofthesettlement,sothatthesettlementofdisputescanproceedsmoothlyandinatimelymanner.3.2.3PermanentAppellateBodyandEnforcementProcedureEnforcementComparedwithothertypesofnationalinvestmentdisputesettlementmechanisms,theWTOdisputesettlementmechanismprovidesforthereviewofappealsandtheestablishmentofpermanentappealbodies.Theagencyonlyacceptsappealpetitionsfromthepartiestothedispute.Thescopeofthetestislimitedtothepanelreportandlegal-relatedissuesandlegalinterpretation.Toalargeextent,thepanelofthelawcanbeproperlyappliedandinterpreted.Theresultoftheappealagency’sdecisionisthefinaldecision.Tosafeguardthedisputesbetweentheinterestsofbothparties.Inaddition,withinthescopeofinternationallaw,enforcementhasalwayslackedapowerfulmeansofenforcement,whichhasgreatlyreducedtheeffectivenessofthejudicialsystem,makingitdifficulttoachieverapidandeffectiveenforcementeffects.TheimplementationprocedureoftheWTOdisputesettlementmechanismhasarelativelycompletesystemguarantee.3.3DefectsofWTOdisputesettlementmechanismTheWTOdisputesettlementmechanismalsohassomeshortcomings.First,therulesofnegotiationarenotclear.Althoughnegotiationsareapoliticaltool,mostofthecountriesunderthe“BeltandRoad”initiativearenon-developedcountries.Resolvinginvestmentdisputesthroughnegotiationcanreducethecostofdisputeresolution,whichisindeedafeasibleway.ButthereisnoclearnoticeofconsultationonthecontentandtimingoftheWTOdisputesettlementmechanism,andifdeemedthirdpartyconsultationsconcerningtheirowninterestsandtheneedtocontinuethenegotiatingpartiesagreethatthirdpartiescanaddtotheongoingnegotiationprocess,whichcoulddamageTheinterestsofthirdpartiesarenotconducivetocontinueddisputeresolution.Second,thescopeofthereviewisthattheWTOdisputesettlementmechanismappealprocessdoesnotincludefactualissuesandlegalissues,andtheexpertsoftheappellatebodyarealsoarrangedrandomly.Thiscaneasilyleadtotheexpertsoftheappellatebodynotknowingthedisputesbetweenthetwoparties,evenaffectingthefairruling.Finally,theWTOdisputesettlementmechanismismainlyaimedattrade-relateddisputes.Althoughitalsoincludesinvestment-induceddisputes,itisnotspecificallyusedtoresolveinternationalinvestmentdisputes,andthedepthofitsimpactisalsoquestionable.Ifitisdirectlyusedasamechanismforresolvinginternationalinvestmentdisputes,itmaynotbeadaptable,whichwillnotonlybringproblemstothesettlementofinternationalinvestmentdisputes,butalsoincreasetheseverityandcomplexityofdisputes.3.4CommentonWTOdisputesettlementmechanismWTOdisputesettlementmechanism,asamatureinternationaltradedisputesettlementmechanism,hasimportantreferencesignificancetothe“BeltandRoad”disputesettlementmechanism.However,inthe“BeltandRoad”countriesalongtheinitiative,theWTOdisputesettlementmechanismisrarelyusedtosettledisputes,exceptforthemorecriticalmechanismthattheWTOdisputesettlementmechanismdoesnotdirectlyacceptinvestmentdisputesbetweenforeigninvestorsandthehostcountry.Foreigninvestorsrequiretheirownmechanismtoinitiatedisputes,whichgreatlyincreasesthedifficultyforforeigninvestorstochoose.ItisinappropriatetochooseWTdisputesettlementmechanismdirectlyaccordingtothe"regional"initiativetosettleinvestmentdisputesbetweenforeigninvestorsandthehostcountry.Therefore,theregionaldisputesettlementmechanismcanbeestablishedundertheWTOdisputesettlementmechanism.4RelationshipbetweenWTOtradedisputesettlementmechanismandTheBeltandRoaddisputesettlementmechanism4.1Western-ledbasicrulesforinternationaldisputesettlementTheexistingsystemofinternationaleconomicruleswasestablishedmainlyundertheleadershipoftheUnitedStatesaftertheendofthesecondworldwar,whichhasimportantreferencesignificancefortheestablishmentofThe“BeltandRoad”disputesettlementmechanism.Inthefieldofglobaltrade,theWTOisoneofthemostsuccessfuldisputesettlementmechanismsintheworldandamodelforthesettlementofdisputesundertheruleoflawininternationaltrade.Sinceitsinceptionin1995,theWTOhashandledmorethan500cases,farmorethanotherinternationalandregionaldisputesettlementmechanism."DisputeSettlementUnderstandingonRulesandProcedures"detailstheWTOdisputesettlementmechanism.Themaindisputesettlementprocedures,includingconsultation,expertpanels,appellatereview,arbitration,adjudication,andenforcementprocedures.4.2TheBeltandRoadcountriesareboundbytheWTOdisputesettlementmechanismAccordingtotheprincipleof"treatymustbekept",thecontractingstatesmustbeboundbytherelevanttreatiesconcludedoraccededtoandperformtheirobligationsfaithfully.Fromtheperspectiveofdevelopment,The“BeltandRoad”conformstoexistinginternationalmechanismsanddoesnotaffecttherightsandobligationsofrelevantcountriesinexistinginternationallegalrelations.WiththedevelopmentandevolutionofthedisputesettlementmechanismledbytheWest,developingcountries,includingChina,areincreasinglyparticipatinginandbenefitingfromtheconstructionandimprovementofthismechanism.Forexample,theWTOdisputesettlementmechanismisthemostinfluentialglobaltradedisputesettlementmechanismsalongthecountry.Accordingtostatistics,three-quartersofWTOmembersarelocatedalongthe“BeltandRoad”.ThisincludesnotonlylargecountriesandregionalorganizationsalongRussia,India,andASEAN,butalsomanysmallAfricancountriesandcountries.AccordingtotheunderstandingofWTOdisputesettlementrulesandprocedures,"Article23,WTOdisputesettlementmechanismdisputescoveredbytheWTOhaveexclusivejurisdiction,"WTOmembersshallabidebytherulesandproceduresintheWTOdisputesettlementrulesandprocedures.DisputesovertheWTOdisputesettlementmechanismtoexcludeotherdisputesettlementmechanismsanddecidewhethertoviolateWTOobligationsisamember'sobligation.4.3InvokingWTOdisputesettlementmechanismintradeIntermsoftradedisputes,itisfeasibletoapplyWTOdisputesettlementmechanism.Amongthe65countriesalongthe“BeltandRoad”route,thereare52WTOmemberstatesandonly13non-WTOmemberstates,namelyeastTimor,Bhutan,Iran,Iraq,Lebanon,Syria,Palestine,Serbia,BosniaandHerzegovina,Uzbekistan,Turkmenistan,BelarusandAzerbaijan.SeveralothercountriessuchasIranandIraqhavealsobecomeWTOobservingcountries,sothesettlementofdisputesinrelevantcountrieshasthebasisfortheapplicationofWTOlaw.SinceChina'saccessiontotheWTOin2001,ChinahasbeenactivelyparticipatingintheWTOdisputesettlementmechanism.Sofar,Chinahasprosecuted15cases,39havebeensued,and141haveparticipatedasthirdparties.Forothercountriesthathavenotyet"enteredintotheWTO"andcountriesthatareresistanttotheWTOdisputemechanism,atthisstage,theycanlearnfromtheNAFTAdisputesettlementmechanismandusethecombinationoflawanddiplomacytoplaytheroleoftraditionaldisputesettlementmethodssuchasconsultation,mediation,andgoodoffices.Therefore,the“BeltandRoad”tradedisputescanbesolvedflexiblybyreferringtootherdisputesettlementmechanismsandotherdiplomaticmeansbasedontheWTOdisputesettlementmechanism.4.4UsebilateralagreementstoresolvedisputesTillnow,Chinahassigned15FTAagreementsinvolving23countriesandregions.Specifically,theFTAs​​thathavesignedagreementsincludethosebetweenChinaandGeorgia,SouthKorea,Iceland,Peru,NewZealand,Pakistan,Australia,Switzerland,CostaRica,Singapore,Chile,andASEAN.TheFTAagreementsundernegotiationareChina-GCC,China-Japan-Korea,China-SriLanka,China-Maldives,China-Israel,China-Norway,China-PakistantradeFTAPhaseII,China-SingaporeFTAUpgradeNegotiation,China-NewZealandFTAUpgradeNegotiation,China-ChileFTAUpgradeNegotiation.Amongthem,thefreetradeagreementsspecificallyusedtoresolvedisputesaremainlyfreetradeagreementsbetweenChinaandSingapore,CostaRica,Chile,ASEAN,Pakistan,NewZealand,andPeru.AsofMay2016,Chinahadsignedbilateralinvestmenttreatieswith56countriesalongthe“BeltandRoad”.Atthe“BeltandRoad”summitforumonMay4-5,2017,China'sministryofcommerce,togetherwithrelevantdepartmentsofmorethan60countriesandinternationalorganizations,jointlyreleasedthe“BeltandRoad”initiativeforunimpededtradecooperation.Tosumup,inthefieldoftradeandinvestment,Chinaandcountriesalongthe“BeltandRoad”routecanalsosettlerelevantdisputesinaccordancewithbilateralfreetradeagreementsandbilateralinvestmentagreements.5EnlightenmentofconstructingTheBeltandRoaddisputesettlementmechanismunderWTO5.1SetupaspecialinvestmentdisputesettlementagencyInordertogivefullplaytotheroleoftheinternationalinvestmentdisputesettlementmechanismunderthe“BeltandRoad”initiative,itisindeednecessarytoestablishaspecialinvestmentdisputesettlementinstitutionunderthepremiseof"extensiveconsultation,jointcontributionandcommonbenefits".ThetreatybasisofthispaperistheunderstandingofthedisputesettlementrulesandproceduresundertheWTOframework.Asaproponentandparticipantofthe“BeltandRoad”,Chinashouldundertakethetaskofpromotingthebuildingofthe"BeltandRoaddisputesettlementmechanism",ThismechanismcanbesupportedbytheAsianInfrastructureInvestmentBank,aninternationalorganizationandinstitutionthathasstrongleadershipcapabilitiesinChina.Sinceitsestablishmentin2015,theAsianInfrastructureInvestmentBankhasgrownintoaworld-classfinancialinstitutionwithmorethan80membercountriesandregionscoveringawiderangeofareas,caneffectivelyprovidefinancialservicesfortheconstructionofthe“BeltandRoad”relatedprojects.Inaddition,thegoalofbuildingthe“BeltandRoad”isconsistentwiththepurposeoftheAsianInfrastructureInvestmentBank,whichisaregionalinternationalorganizationwiththestatusofanindependentinternationallegalperson,aimingtopromotethedevelopmentofcountriesalongthe“BeltandRoad”.ChinashouldjointlystudythefeasibilityofthedisputesettlementmechanismwiththeAsianInfrastructureInvestmentBankmemberstates.Intermsofarbitrationexecution,AsianInfrastructureInvestmentBankcanguaranteetheexecutionofarbitrationbyrestrictingloanissuanceandrefusingtoprovideeconomicassistance.ItisalsoapracticeoftheinternationaldisputesettlementinstitutionstoincludethedisputesettlementmechanismintheAsianInfrastructureInvestmentBankcooperationmechanism.Onthisbasis,weshouldvigorouslypromotetheestablishmentofthe“BeltandRoad”disputesettlementmechanism".5.2ExclusivejurisdictionagreementundermultilateralinvestmentagreementThe“contra-consensus”systemintheWTOdisputesettlementmechanismactuallygivestheWTOmandatoryjurisdictionovertradedisputesbetweenmembers.Therefore,underthe“BeltandRoad”DisputeResolutionMechanism"undertheConvention,therelationshipbetweenthe“BeltandRoad”InvestmentDisputeResolutionMechanismandtheWTOandothermechanismsshouldbeclarified,andthefreechoiceofdisputeresolutioninstitutionsandautonomythatshouldbegivenbybothpartiestothedisputeshouldbeobtainedrespect.Atthesametime,itshouldalsobeclearlystatedthatithasexclusivejurisdictionoverthe“BeltandRoad”disputesettlementinstitutions,thatis,onceapartytoadisputesubmitsaBeltandRoaddisputesettlementinstitution,thismeansgivingupthechoiceofotherdisputesettlementmechanisms.Inaddition,an"exceptionclause"issetuptoexcludeissuesinvolvingthemainnationalinterestsandpu