这次中欧领导人拟定的“中欧全面投资协定CAI”是在此前“中欧双边投资保护协定BIT”基础上的升级换代。为了帮助大家深入理解“中欧全面投资协定CAI”的精髓，圣捷出国的小编专门从官网上下载了协定的原文，并凭借自己国外求学的经历和多年从事国际合作的经验，认真地配上了中文翻译，希望能够帮助大家深度理解从简式BIT到全面投资协会CAI的差异。

以下是中英文对照的“中欧全面投资协定CAI”关键内容。

Key elements of the EU-China Comprehensive Agreement on Investment

中欧全面投资协定关键内容

Brussels, 30 December 2020

2020年12月30日 布鲁塞尔

The cumulative EU foreign direct investment (FDI) flows from the EU to China over the last 20 years have reached more than €140 billion. For Chinese FDI into the EU the figure is almost €120 billion. EU FDI in China remains relatively modest with respect to the size and the potential of the Chinese economy.

在过去的20年中，从欧盟流入中国的外国直接投资（FDI）累计已超过1400亿欧元。而中国对欧盟的直接投资也接近1200亿欧元。就中国的经济规模和潜力而言，欧盟在中国的直接投资仍然相对较少。

As regards investment, the EU-China Comprehensive Agreement on Investment (CAI) will be

the most ambitious agreement that China has ever concluded with a third country. In addition to rules against the forced transfer of technologies, CAI will also be the first agreement to deliver on obligations for the behavior of state-owned enterprises, comprehensive transparency rules for subsidies and commitments related to sustainable development.

在投资方面，中欧全面投资协定（CAI）将是中国迄今为止与第三国缔结的最雄心勃勃的条约。除了禁止强制转让技术的规则外，中欧全面投资协定（CAI）还将成为中国首个将国有企业行为义务、各种补贴全面透明以及承诺可持续发展纳入约定的条文。

The CAI will ensure that EU investors achieve better access to a fast growing 1.4 billion consumer market, and that they compete on a better level playing field in China. This is important for the global competitiveness and the future growth of EU industry.

中欧全面投资协定（CAI）将确保欧盟投资者更好地进入中国快速增长的14亿人口的消费市场，并确保他们在中国的竞争环境能有更好的运作环境。这对于增强整个欧盟在全球市场的竞争力和欧盟企业的未来发展都非常重要。

Ambitious opening by China to European investments

中国雄心勃勃向欧洲开放投资市场

Firstly, the CAI binds China's liberalisation of investments over the last 20 years and, in that way, it prevents backsliding. This makes the conditions of market access for EU companies clear and independent of China's internal policies. It also allows the EU to resort to the dispute resolution mechanism in CAI in case of breach of commitments.

首先，中欧全面投资协定（CAI）结束了中国在过去20年里的对外商投资自由化的限制，从而防止外商投资的回落。中欧全面投资协定（CAI）让欧盟公司的进入中国市场的准入条件变得清晰且不受中国内部政策干扰。同时欧盟还可以在遇到违反承诺的情况下，通过中欧全面投资协定（CAI）中的争端解决机制解决问题。

In addition, the EU has negotiated further and new market access openings and commitments such as the elimination of quantitative restrictions, equity caps or joint venture requirements in a number of sectors. These are restrictions that severely hamper the activities of our companies in China. The overall package is far more ambitious than what China has committed to before.

此外，欧盟还就更多领域以及新型市场的准入开放和承诺进行了磋商，例如取消数量限制、资产上限或企业合资条件等，这些限制严重妨碍了欧盟企业在中国的业务活动。中欧全面投资协定（CAI）的总体方案远比中国以前承诺的要多很多。

On the EU side, the market is already open and largely committed for services sectors under the

General Agreement on Trade in Services (GATS). EU sensitivities, such as in the field of energy, agriculture, fisheries, audio-visual, public services, etc. are all preserved in CAI.

在欧盟方面，市场早已向中国开发，而且根据《服务贸易总协定》（GATS），服务市场已经做出了很大的承诺。欧盟在能源，农业，渔业，视听，公共服务等敏感领域的开放合作，都将在中欧全面投资协定（CAI）进行体现。

Examples of market access commitments by China:

中方承诺的市场准入范例

  Manufacturing: China has made comprehensive commitments with only very limited exclusions (in particular, in sectors with significant overcapacity). In terms of the level of ambition, this would match the EU's openness. Roughly half of EU FDI is in the manufacturing sector (e.g. transport and telecommunication equipment, chemicals, health equipment etc.). China has not made such far-reaching market access commitments with any other partner.

制造业： 除了极少数领域（尤其是产能严重过剩的板块），中国在制造业领域承诺了广泛的市场准入承诺。就中国开放市场的雄心壮志而言，与欧盟的开放程度完全匹配。欧盟的外商直接投资大约有一半投放在制造业板块（比如：运输和电信设备，化学药品，医疗设备等）。中国目前没有与任何其他伙伴做出过如此深度的市场准入承诺。

Automotive sector: China has agreed to remove and phase out joint venture requirements. China will commit market access for new energy vehicles.

汽车行业：中国已经同意取消和废除对合资企业的限制条款，同时承诺对新能源汽车的市场准入。

Financial services: China had already started the process of gradually liberalising the financial services sector and will grant and commit to keep that opening to EU investors. Joint venture requirements and foreign equity caps have been removed for banking, trading in securities and insurance (including reinsurance), as well as asset management.

金融服务业：中国已经开始逐步开放金融服务业市场，并承诺继续向欧盟投资者开放。针对银行、证券和保险交易（包括再保险）以及资产管理的企业合资限制和外资股权上限已被去除。

Health (private hospitals): China will offer new market opening by lifting joint venture requirements for private hospitals in key Chinese cities, including Beijing, Shanghai, Tianjian, Guangzhou and Shenzhen .

健康产业（私立医院）：中国将通过解除中国关键城市合资设立私立医院限制条款的方式向欧盟提供新的准入市场，这些关键城市包括北京，上海，天津，广州和深圳。

R&D (biological resources): China has not previously committed openness to foreign investment in R&D in biological resources. China has agreed not to introduce new restrictions and to give to the EU any lifting of current restrictions in this area that may happen in the future.

研发领域（生物资源）：中国以前从未承诺向国外投资开放生物资源研发的市场。中国当下承诺不在退出任何新的限制措施，同时可能在将来取消目前的这些限制。

Telecommunication/Cloud services: China has agreed to lift the investment ban for cloud services. They will now be open to EU investors subject to a 50% equity cap. 

中国已同意取消对云服务的投资禁令。现在，该领域将向欧盟投资者开放，但其股权上限为50％。

Computer services: China has agreed to bind market access for computer services – a significant improvement from the current situation. Also, China will include a “technology neutrality”clause, which would ensure that equity caps imposed for value-added telecom services will not be applied to other services such as financial, logistics, medical etc. if offered online.

中国已同意将计算机服务的市场准入纳入协定，针对当前情况这是一个很大的改进。此外，中国还同意纳入了“技术中立”条款，该条款将确保对电信增值服务施加的股本上限约束不会应用于在线提供的其他服务，例如金融，物流，医疗等。

International maritime transport: China will allow investment in the relevant land-based auxiliary activities, enabling EU companies to invest without restriction in cargo-handling, container depots and stations, maritime agencies, etc. This will allow EU companies to organize a full range of multi-modal door-to-door transport, including the domestic leg of international maritime transport.

国际海运领域：中国将允许对相关的陆上辅助活动进行投资，使欧盟公司可以不受限制地投资于货物装卸，集装箱堆场和车站，海事代理等业务。这使得欧盟公司可以组织全方位的多式联运的门到门运输服务，包括国际海运的国内运输线路。

Air transport-related services: While the CAI does not address traffic rights because they are subject to separate aviation agreements, China will open up in the key areas of computer reservation systems, ground handling and selling and marketing services. China has also removed its minimum capital requirement for rental and leasing of aircraft without crew, going beyond GATS.

航空运输相关服务领域：尽管受制于独立的航空协议“中欧全面投资协定CAI”不包括交通权，但中国将开放计算机预订系统、地面处理以及销售和营销服务等关键领域。中国还取消了对飞机出租和租赁的最低资本要求，这些业务由于没有机组人员，因而不在《服务贸易总协定》的约束范围。

Business services: China will eliminate joint venture requirements in real estate services, rental and leasing services, repair and maintenance for transport, advertising, market research, management consulting and translation services, etc.

商业服务领域：中国将取消对后述商业服务的合资限制条款，这些商业服务包括：房地产服务、租赁服务、运输维修和保养、广告、市场研究、管理咨询和翻译服务等。

Environmental services: China will remove joint venture requirements in environmental services such as sewage, noise abatement, solid waste disposal, cleaning of exhaust gases, nature and landscape protection, sanitations and other environmental services. 

环保服务领域：中国将取消对环境服务领域的合资限制，这些领域包括污水处理、减噪、固体废物处置、废气清洁、自然和景观保护、环境卫生和其他环境服务。  

Construction services: China will eliminate the project limitations currently reserved in their GATS commitments. 

建设服务领域：中国将消除其在“服务贸易总协定GATS”保留的项目限制条款。

Employees of EU investors: Managers and specialists of EU companies will be allowed to work up to three years in Chinese subsidiaries, without restrictions such as labour market tests or quotas. Representatives of EU investors will be allowed to visit freely prior to making an investment.

欧盟投资者的雇员：欧盟公司的经理和专家将被允许在中国子公司工作长达三年，而不受劳动力市场测试或配额等限制。欧盟投资者的代表将被允许在投资之前自由访问中国。

Improving level playing field – making investment fairer

改善投资环境-让投资更公平

  State owned enterprises (SOEs) - Chinese SOEs contribute to around 30 percent of the country's GDP. CAI seeks to discipline the behaviour of SOEs by requiring them to act in accordance with commercial considerations and not to discriminate in their purchases and sales of goods or services. Importantly, China also undertakes the obligation to provide, upon request, specific information to allow for the assessment of whether the behaviour of a specific enterprise complies with the agreed the CAI obligations. If the problem goes unresolved, we can resort to dispute resolution under the CAI.

国有企业（SOE） -中国的国有企业贡献了中国国民生产总值GDP的30％左右。“中欧全面投资协定CAI”要求中国的国有企业对所有商业运作保持一致性，不得在购买产品和服务的时候采取歧视性行动。重要的是，中国还要承担，在需要的情况下，提供指定信息的义务，以便评估某个企业的经营行为是否符合“中欧全面投资协定CAI”规定的条款。如果发生的问题得不到解决，大家可以根据“中欧全面投资协定CAI”的条款寻求争议解决的方案。

  Transparency in subsidies – The CAI fills one important gap in the WTO rulebook by imposing transparency obligations on subsidies in the services sectors. Also, the CAI obliges China to engage in consultations in order to provide additional information on subsidies that could have a negative effect on the investment interests of the EU. China is also obliged to engage in consultations with a view to seek to address such negative effects. 

补贴的透明化– “中欧全面投资协定CAI”通过对服务领域的补贴的强制透明度化义务，填补了WTO规则中的一个重要空白。此外，“中欧全面投资协定CAI”要求中国必须参与相关磋商，并针对那些对欧盟投资利益可能有负面影响的补贴政策提供补充信息；中国同时也被要求针对这些负面效应参与讨论，寻求解决方案。

  Forced technology transfers – The CAI lays very clear rules against the forced transfer of technology. The provisions consist of the prohibition of several types of investment requirements that compel transfer of technology, such as requirements to transfer technology to a joint venture partner, as well as prohibitions to interfere in contractual freedom in technology licencing. These rules would also include disciplines on the protection of confidential business information collected by administrative bodies (for instance in the process of certification of a good or a service) from unauthorised disclosure. The agreed rules significantly enhance the disciplines in WTO.

强制技术转让– “中欧全面投资协定CAI”明文规定禁止“强制技术转让”。这些禁止规定包括数种通过投资条款达成的强制技术转让形式，比如在投资条款中加入的向合资方转让技术的要求、以及在技术许可中干扰合同自由的形式。这些条款还包括对管理机构采集的生意机密信息的保护，以防未经授权的披露（例如在某项产品或服务的认证过程中）。所有通过的条款都大大地强化了WTO规范的严肃性。

  Standard setting, authorisations, transparency – This agreement covers other longstanding EU industry requests. China will provide equal access to standard setting bodies for our companies. China will also enhance transparency, predictability and fairness in authorisations. The CAI will include transparency rules for regulatory and administrative measures to enhance legal certainty and predictability, as well as for procedural fairness and the right to judicial review, including in competition cases.

标准制定，授权，透明度–该部分涵盖了欧盟企业其他长期以往的诉求。中国将会为我们的企业提供同等的接触标准制定机构的机会。中国也会在授权方面提高透明度、可预见性和公平机会。“中欧全面投资协定CAI”制定了规范和管理的透明化原则，以提高法律的确定性和可预见性、以及在司法复审权过程中（包括竞争类案件）程序公平性和权利。

Embedding sustainable development in our investment relationship

将可持续发展纳入我们的投资关系

  In contrast to other agreements concluded by China, the CAI binds the parties into a value based investment relationship grounded on sustainable development principles. The relevant provisions are subject to a specifically tailored implementation mechanism to address differences with a high degree of transparency and participation of civil society.

与中国缔结的其他协议相反，“中欧全面投资协定CAI”将各方约束为建立在可持续发展原则基础上的基于价值的投资关系。针对具体的个性订制的执行机制，这些条文将按照高度透明的原则，并通过对民事团体的深入参与来解决分歧。

  China commits, in the areas of labour and environment, not to lower the standards of protection in order to attract investment, not to use labour and environment standards for protectionist purposes, as well as to respect its international obligations in the relevant treaties. China will support the uptake of corporate social responsibility by its companies.

中国承诺，不在劳动力和环境方面降低保护标准以吸引投资，不将劳动力和环境标准作为保护主义的用途，同时尊重相关条约中的国际义务。中国将支持企业承担和履行其社会责任。

  Importantly, the CAI also includes commitments on environment and climate, including to effectively implement the Paris Agreement on climate.

重要的是，“中欧全面投资协定CAI”还包括对环境和气候的承诺，包括有效执行《巴黎气候协定》。

  China also commits to working towards the ratification of the outstanding ILO (International Labour Organisation) fundamental Conventions and takes specific commitments in relation to the two ILO fundamental Conventions on forced labour that it has not ratified yet.

中国还致力于争取批准尚未批准的国际劳工组织（国际劳工组织）基本公约，并对尚未批准的两项国际劳工组织关于强迫劳动的基本公约作出具体承诺。

Monitoring of implementation and dispute settlement

监督执行和争端解决

  In the CAI, China agrees to an enforcement mechanism (state-to-state dispute settlement), as in our trade agreements.

在“中欧全面投资协定CAI”中，我们的贸易协议一样，中国同意强力执行机制（国家与国家面对面解决争议）。

  This will be coupled with a monitoring mechanism at pre-litigation phase established at political level, which will allow us to raise problems as they arise (including via an urgency procedure).

在政治层面上，将建立一个伴生的诉讼前监督机制，以便我们能够在问题产生时发现问题（包括通过紧急应对程序）

圣捷出国还将在后续的文章中对“中欧全面投资协定CAI”进行深度剖析，敬请期待。