While International Investment Agreements (IIAs) can potentially contribute to host states’ development, the chilling effect of IIAs on host states’ public policies is the flip side of investment treaties. The lack of a clear statutory formulation of indirect expropriation and, hence, the interpretive loopholes in investor-state jurisprudence have caused unfavourable consequences attached to the application of IIAs on the protection and promotion of public welfare. This paper encourages states to revisit the formulation of their indirect expropriation clauses in line with the provided practical solutions, which allow states to have more policy space for their legitimate public policy actions without having their Foreign Direct Investment inflows decreased.

虽然国际投资协定（IIA）可能对东道国的发展做出贡献，但IIA对东道国公共政策的冷淡影响是投资条约的另一面。缺乏明确的间接征收法律规定，因此，投资人国家法学中的解释漏洞造成了对IIA的适用对保护和促进公共福利的不利影响。本文鼓励各国根据所提供的切实可行的解决方案重新考虑其间接征收条款的制定，该条款允许各州在不减少其外国直接投资流入的情况下为其合法的公共政策行动提供更多的政策空间。