在一個全球化快速發(fā)展、國際關(guān)系復雜的時代，國家政策在塑造外國投資環(huán)境方面的作用變得越來越關(guān)鍵。作為加拿大經(jīng)濟政策的基石，《加拿大投資法》目前正在通過C-34號法案（“《修正案》"）進行重大修訂。這些修訂是《加拿大投資法》自2009年以來最重大的修訂。將可能會重新規(guī)范外國投資者，特別是中國投資者的投資領(lǐng)域。本文將深入研究 《加拿大投資法》《修正案》的細微差別，及其對中國投資方（尤其是對于礦業(yè)投資）的潛在影響。

In an era marked by rapid globalization and complex international relations, the role of national policies in shaping foreign investment landscapes has become increasingly pivotal. The Investment Canada Act?(ICA), a cornerstone of Canada's economic policy, is undergoing significant amendments through Bill C-34. These amendments, the most substantial since 2009, are poised to redefine the terrain for foreign investors, particularly from China. This essay delves into the nuances of the proposed changes to the ICA and their potential ramifications on Chinese investments with a focus on the mining sector.?

1985年頒布的《加拿大投資法》創(chuàng)設(shè)了一個用于審查和核準外國在加拿大投資的法律框架。該法的主要任務(wù)是確保外國投資為加拿大帶來“凈收益"，同時保持經(jīng)濟發(fā)展與國家利益之間的平衡。

Enacted in 1985, the ICA was established as a framework to review and approve foreign investments in Canada. Its primary mandate was to ensure that foreign investments provided a 'net benefit' to Canada, balancing economic opportunities with national interests.

自頒布以來，《加拿大投資法》經(jīng)歷了數(shù)次修訂，每一次修訂都緊隨全球經(jīng)濟政策風向的演變，同時也能反映出加拿大在全球經(jīng)濟政策中的角色。最初，該法修訂的重點主要集中在確保經(jīng)濟增長和資本流入；然而，隨著全球形勢的變化，該法修訂的重點轉(zhuǎn)向了保護敏感部門和維護國家安全：2009年的修訂賦予了加拿大政府審查外國投資是否涉及潛在國家安全問題的權(quán)力。修訂重點的趨勢變化是由對國有企業(yè)以及來自具有不同管理模式國家（如中國）的實體投資的安全考慮所驅(qū)動的，該修訂要求對國家安全至關(guān)重要的領(lǐng)域（如電信、國防、技術(shù)和關(guān)鍵礦物）的投資進行更加嚴格的審查。

Over the years, the ICA has seen several revisions, each reflecting the changing tides of global economic policies and Canada's position within them. Initially, the focus was largely on economic growth and the influx of capital; however, as global dynamics shifted, the emphasis moved towards protecting sensitive sectors and preserving national security with amendments in 2009 giving the Canadian government the ability to review foreign investments for potential national security concerns. This evolution in focus has been partly driven by rising concerns over investments by state-owned enterprises (SOEs) and entities from countries with differing governance models, such as China, leading to increased scrutiny of investments in sectors deemed critical to national security, such as telecommunications, defense, technology, and critical minerals.

《2022-2023年度加拿大投資法實施報告》（“《實施報告》"）全面闡述了加拿大對于外國投資的應對思路[1]。《實施報告》中不僅包括外國投資者關(guān)于新設(shè)、收購控制權(quán)的企業(yè)數(shù)量，還涵蓋了國家安全審查次數(shù)的數(shù)據(jù)。數(shù)據(jù)表明延期國家安全審查（Extended National Security Reviews）數(shù)量呈穩(wěn)定增長的趨勢：從2017-2018年度的4次增加到2022-2023年度的32次。值得注意的是2022-2023年度的審查中，共有五次針對中國自然資源企業(yè)的延期國家安全審查。延期國家安全審查只有在創(chuàng)新、科學和工業(yè)部部長（“部長"）決定更為審慎地審查一項外國投資交易時才會發(fā)生。延期國家安全審查案例數(shù)的上升反映了加拿大政府對于外國投資更大的關(guān)切，也多是加拿大政府對于某些類型投資態(tài)度的政治風向標。

The 2022-2023 Annual Report on the administration of the ICA offers a comprehensive overview of Canada's approach to foreign investment. Among other things, the 2022-2023 Annual Report includes data on the number foreign investors establishing businesses or acquisitions of control and the number of national security reviews. The data shows the steady trend of an increasing number of extended national security reviews, increasing from 4 extended national security reviews in 2017-2018 to 32 in 2022-23. 2022-2023 included five extended national security reviews against Chinese natural resource companies. Extended national security reviews occur when the Canadian Minister of Innovation, Science and Industry (Minister), who is responsible for administering the national security provisions of the ICA, decides to review a foreign investment transaction in detail. The increasing number of extended national security reviews is therefore indicative of an increasing interest by the Minister of foreign investments into Canada and is generally indicative of the overall political momentum against certain types of foreign investment into Canada.?

圖1：延期國家安全審查的數(shù)量統(tǒng)計

Figure 1: Number of Extended National Security Reviews

2022-2023年度中國自然資源公司企業(yè)收到的五次延期國家安全審查中，三家中國礦業(yè)公司收到了要求其出售在加拿大上市公司股權(quán)的強制令，而另外兩家礦業(yè)公司在完成交易前撤回了申請。可以說，接受延期國家安全審查的中國礦業(yè)公司均未能繼續(xù)完成其交易[2]。

Among the extended national security reviews that Chinese natural resource companies received in the 2022-23, three Chinese mining companies received divesture orders requiring them to sell their interests in Canadian publicly listed companies . The other two mining companies withdrew their application before completing their transactions. In conclusion, no Chinese mining companies that were subject to an extended national security review were able to complete their transactions.

這一趨勢表明，加拿大政府更傾向于運用《加拿大投資法》中的國家安全審查條款審查中國公司，尤其是礦業(yè)領(lǐng)域的公司。對《加拿大投資法》的修訂《修正案》將賦予部長更大的審查交易的權(quán)力，這可能使中國企業(yè)在加拿大礦業(yè)領(lǐng)域的投資更加困難。

The trend shows the Minister’s willingness to wield the national security review provisions of the ICA, with a particular focus on Chinese companies, especially in the mining sector. The proposed amendments to the ICA will give more power to the Minister to review transactions and likely make it more difficult for Chinese companies to make investments in the Canadian mining sector.??

此次由加拿大下議院提出的《修正案》將對《加拿大投資法》進行重大變革，體現(xiàn)加拿大政府在管理外國投資方面的戰(zhàn)略轉(zhuǎn)變[3]。該法案包括多項關(guān)鍵修訂，目的在于加強對外國投資的監(jiān)督和管理（尤其是在涉及國家安全的情況下）。值得注意的是，對《加拿大投資法》的修訂將適用于已在進行的審查程序。

Bill C-34, introduced in the Canadian House of Commons, proposes transformative changes to the ICA, indicating a strategic shift in Canada's approach to managing foreign investments. The bill encompasses several key amendments aimed at strengthening the oversight and management of foreign investments, particularly in the context of national security concerns. The changes to the ICA will apply to any review processes already underway.?

新的備案要求——最顯著的變化之一，是對某些特定商業(yè)領(lǐng)域的投資引入了新的備案要求。這一修訂旨在提高政府對投資的早期審查力，特別是對國家安全或經(jīng)濟穩(wěn)定至關(guān)重要的領(lǐng)域的投資。通過對事先備案的要求，政府旨在防止可能危及加拿大戰(zhàn)略利益的投資情況。

New Filing Requirements?- One of the most notable changes is the introduction of new filing requirements for investments in certain prescribed business sectors. This amendment aims to increase the government's ability to scrutinize investments at an earlier stage, particularly those in sectors considered vital to the national security or economic stability. By requiring prior filing, the government seeks to prevent situations where investments could potentially compromise Canada's strategic interests.

延長審查權(quán)——另一個重要修訂是賦予部長延長投資國家安全審查的權(quán)力。這一變化反映了對復雜投資全面評估的意識，尤其是涉及敏感技術(shù)或數(shù)據(jù)的投資，需要更多時長來評估其對國家安全的潛在風險和影響。延長的審查期為政府全面審查和評估外國投資提供了更健全的框架。

Extended Review Authority?- Another significant aspect of the amendments is the extended authority granted to the Minister to prolong the national security review of investments. This change reflects an understanding that thorough assessments of complex investments, especially those involving sensitive technologies or data, require more time to evaluate the potential risks and implications for national security. This extended review period provides the government with a more robust framework to scrutinize and assess foreign investments thoroughly.

加重對違規(guī)行為的處罰——《修正案》還增加了對違反《加拿大投資法》規(guī)定的行為的處罰。這一舉措反映了更嚴格的監(jiān)管立場，旨在確保外國投資者嚴格遵守《加拿大投資法》制定的規(guī)則和指引。加重處罰旨在威懾潛在的違法行為，并表明政府嚴格執(zhí)行《加拿大投資法》條款的決心。

Enhanced Penalties for Non-Compliance?- The proposed amendments also introduce enhanced penalties for non-compliance with the Act’s provisions. This move is indicative of a stricter regulatory stance, aiming to ensure that foreign investors adhere closely to the rules and guidelines set forth by the ICA. The increased penalties serve as a deterrent against potential violations and signal the government's commitment to enforcing the ICA’s provisions rigorously.

部長對臨時條件的裁量權(quán)——《修正案》還授予部長在國家安全審查期間自由設(shè)定條件的權(quán)利。這一規(guī)定使得投資管理方法更加靈活且具有更快的響應能力，有助于政府在審查過程中消除發(fā)現(xiàn)的潛在風險。設(shè)定臨時條件的權(quán)力確保了在國家安全構(gòu)成威脅的情況下，投資必須經(jīng)審查才能繼續(xù)進行。

Ministerial Discretion for Interim Conditions?- Further, the bill grants the Minister the discretion to impose conditions during a national security review. This provision allows for a more dynamic and responsive approach to managing investments, enabling the government to mitigate potential risks as they are identified during the review process. The ability to impose interim conditions ensures that investments do not proceed unchecked if they pose a risk to national security.

對國家安全風險的承諾——《修正案》還擴大了外國投資者可能需要承擔的條件或承諾的范圍，以減輕其在國家安全方面的擔憂。這些承諾可能包括比以前更嚴格的措施，例如加強運營監(jiān)督、限制接觸敏感技術(shù)或保證維持某些加拿大商業(yè)慣例。

Undertakings for National Security Risks?- These amendments expand the scope of conditions or commitments that foreign investors may be required to undertake to mitigate national security concerns. These undertakings could involve more stringent measures than previously required, such as enhanced oversight of operations, restrictions on access to sensitive technologies, or assurances to maintain certain Canadian business practices.

國際信息共享機制的優(yōu)化——此外，《修正案》將對國際信息共享機制的進行優(yōu)化。這一舉措主要應對許多投資實體具有全球性質(zhì)，以及國際合作對于有效評估和管理風險的重要性。通過加強信息共享機制，加拿大政府可以更好地理解某些投資領(lǐng)域的更廣泛影響，以便做出更合理的決策。

Improved International Information Sharing?- Additionally, the amendments facilitate improved international information sharing. This enhancement acknowledges the global nature of many investment entities and the importance of collaborating with international counterparts to assess and manage risks effectively. By strengthening information-sharing mechanisms, Canada can better understand the broader implications of certain investments and make more informed decisions.

司法管轄權(quán)的延伸——最后，《修正案》將會使得《加拿大投資法》的管轄范圍擴展到任何加拿大企業(yè)所擁有的資產(chǎn)上。這可能被解釋為包括加拿大企業(yè)直接或者間接擁有的全部資產(chǎn)，包括那些位于加拿大境外的資產(chǎn)。該等延伸目的在于打壓通過加拿大海外子公司實施的交易，而該等交易目前并不在《加拿大投資法》的規(guī)制范圍內(nèi)。

Extending Jurisdictional Authority?– Finally, the amendments will result in ICA jurisdiction being extended to cover all assets owned by a Canadian business. This is likely to be interpreted as including all assets owned directly or indirectly by the Canadian business, even those located outside of Canada. This extension aims to clamp down on transactions conducted with oversea subsidiaries of Canadian companies that are currently outside the scope of the ICA.

我們預計，《修正案》中提出的修訂預計將可能顯著改變中國在加拿大的投資格局。這些變化預示加拿大可能將走向更嚴格的審查和監(jiān)管，體現(xiàn)了地緣政治風險促使跨境投資審查收緊的趨勢?！缎拚浮返囊粋€主要影響是增加了對國有企業(yè)，尤其是中國國有企業(yè)的審查。從加拿大政府的角度，中國國有企業(yè)常常被描述為具有與中國廣泛的經(jīng)濟和地緣政治目標相同的戰(zhàn)略目標，這引起了加拿大對外國國家主體在關(guān)鍵經(jīng)濟領(lǐng)域影響力的關(guān)注。因此該等投資將會從多個角度被審視：雖然它們帶來資本、技術(shù)和就業(yè)，但也可能引發(fā)加拿大政府關(guān)于對自然資源的控制、技術(shù)轉(zhuǎn)讓和保護關(guān)鍵基礎(chǔ)設(shè)施的擔憂。新的備案要求和延長的審查權(quán)限意味著中國國有企業(yè)的投資將接受更嚴格的審查。這可能導致投資流程的延遲，也可能拒絕國有企業(yè)進行某些被認為是敏感或有爭議的投資。因此，加拿大政府管理這些投資的方式不僅反映了其經(jīng)濟上的考量，也反映了其對于國際關(guān)系和國家安全的相互作用的考量。

The amendments proposed in Bill C-34 are poised to significantly reshape the landscape for Chinese investments in Canada. The changes signal a move towards greater scrutiny and regulation, aligning with the trend of geopolitical risks prompting tightened cross-border investment reviews. One of the primary impacts of the amendments is the increased scrutiny of SOEs, especially from China. From the Canadian perspective, SOEs are often portrayed as operating with strategic objectives aligned with China's broader economic and geopolitical goals, which has raised concerns in Canada regarding the influence of foreign state actors in critical sectors of the economy. The investments have been viewed through various lenses: while they bring capital, technology, and jobs, they also may pose concerns about control over natural resources, technology transfer, and the safeguarding of critical infrastructure. The new filing requirements and extended review authority mean that investments by Chinese SOEs will undergo more rigorous examination. This could lead to delays in investment processes and may deter some SOEs from pursuing certain investments, especially those perceived as sensitive or controversial. The Canadian government's approach to managing these investments, therefore, reflects not only economic considerations but also the interplay of international relations and national security concerns.

國家安全機制范圍的擴大將可能使更多的中國投資受到審查。即使是曾被認定為風險較低的投資現(xiàn)在也有可能觸發(fā)審查，尤其是涉及敏感技術(shù)、關(guān)鍵基礎(chǔ)設(shè)施或數(shù)據(jù)的投資。也可能會影響中國在包括采礦和電信等多個行業(yè)的投資，這些領(lǐng)域的投資可能被要求實施更全面的合規(guī)和風險評估策略。

The broadened scope of the national security regime will subject a wider array of Chinese investments to scrutiny. Even investments that were previously considered low-risk could now trigger reviews, especially if they involve sensitive technologies, critical infrastructure, or data. This could potentially impact Chinese investments in various sectors, from mining to telecommunications, requiring more comprehensive compliance and risk assessment strategies.

另一個重大影響是進行國家安全審查權(quán)限的擴大可能導致投資流程的延長。對于中國投資者（尤其是在科技等快速發(fā)展的行業(yè)）來說，該等延長可能是做出決策的關(guān)鍵因素。更長的審查期限可能會減少加拿大對時間敏感型投資的吸引力，并可能促使中國資本流向其他市場。

Another significant impact is the potential delay in investment processes due to the extended authority to conduct national security reviews. For Chinese investors, particularly in fast-moving sectors like technology, these delays could be a critical factor in decision-making. The need for longer review periods might make Canada less appealing for time-sensitive investments, potentially diverting Chinese capital to other markets.

《加拿大投資法》的修訂可能會對加拿大和中國的貿(mào)易關(guān)系產(chǎn)生一定影響。一方面，加拿大此舉與那些對外國投資采取更嚴格措施的盟友保持一致，特別是對來自其他國家或地區(qū)的投資。另一方面，這可能被看作是一種保護性措施，有可能改變?nèi)藗儗幽么笞鳛橐粋€對中國投資者開放和友好市場的看法。

The recalibration of the ICA could have significant implications for Canada-China trade relations. On one hand, it aligns Canada with allies who are also adopting more stringent measures on foreign investments, especially from alternative governing jurisdictions. On the other, it could be perceived as a protective move, potentially affecting the perception of Canada as an open and welcoming market for Chinese investors.?

針對的《加拿大投資法》的《修正案》所提出的修訂標志著加拿大對外國投資態(tài)度的一個關(guān)鍵轉(zhuǎn)折點，對中國投資尤其具有重大影響。在適應這一新的監(jiān)管環(huán)境時，加拿大面臨著兩難挑戰(zhàn)：一方面要維持一個對外國投資開放、有吸引力的市場；另一方面又要保護其認為的國家安全和經(jīng)濟利益。

The amendments proposed in Bill C-34 to the ICA signify a pivotal moment in Canada's approach to foreign investments, with far-reaching implications for Chinese investments in particular. As Canada navigates this new regulatory landscape, it faces the dual challenge of maintaining an open, attractive market for foreign investment while safeguarding what it perceives as its national security and economic interests.

這些變化蘊含的潛在影響是長遠的。對中國投資者來說，這些修訂可能需要他們重新調(diào)整投資戰(zhàn)略，更加強調(diào)合規(guī)性和風險評估。

The potential long-term implications of these changes are profound. For Chinese investors, the amendments may necessitate a recalibration of investment strategies, with a greater emphasis on compliance and risk assessment.

隨著這些法律改革的實施，它們對中國在加拿大的投資軌跡的影響將受到密切關(guān)注。這些改變將作為全球投資領(lǐng)域中，經(jīng)濟利益和國家安全考量之間互動的重要指標。在這一變化的環(huán)境中，對外國資本歡迎態(tài)度和保護國家利益之間的平衡比以往任何時候都更加微妙，需要采取細致的戰(zhàn)略方針。

As these legislative changes unfold, their impact on the trajectory of Chinese investments in Canada will be closely watched. They will serve as a barometer for the broader interplay between economic interests and national security considerations in the global investment arena. In this evolving landscape, the balance between welcoming foreign capital and protecting national interests is more delicate than ever, requiring nuanced and strategic approaches.

最后，對《加拿大投資法》的修訂預計將促使中國投資者對加拿大采取更加謹慎和有選擇性的投資策略。這些監(jiān)管變化需要投資者更加周密的規(guī)劃、合規(guī)，并可能需要進行投資重點的戰(zhàn)略轉(zhuǎn)移。

In conclusion, the amendments to the ICA should be expected to lead to a more cautious and selective approach by Chinese investors towards Canada. The regulatory changes will require more diligent planning, compliance, and possibly a strategic shift in investment focus.