MAINLAND AND MACAO CLOSER ECONOMIC PARTNERSHIP ARRANGEMENT Investment Agreement | | 《内地与澳门关于建立更紧密经贸关系的安排》投资协议 |
| (December 18, 2017) | | （2017年12月18日） |
| Preamble | | 序言 |
| To promote and protect investments by investors of the Mainland1 and the Macao Special Administrative Region (hereinafter referred to as the “two sides") in the other side, to progressively reduce or eliminate substantially all discriminatory measures on investments between the two sides, to protect the rights of investors and to promote achieving progressive liberalisation and facilitation of investments of the two sides, as well as to further enhance the level of bilateral economic and trade exchanges and cooperation, the two sides decided to sign, under the framework of the Mainland and Macao Closer Economic Partnership Arrangement (hereinafter referred to as “CEPA”), the Investment Agreement between the Mainland and the Macao Special Administrative Region (hereinafter referred to as “Macao”) as follows: | | 为促进和保护内地①与澳门特别行政区（以下简称“双方”）投资者在对方的投资，逐步减少或取消双方之间投资实质上所有歧视性措施，保护双方投资者权益，推动双方逐步实现投资自由化、便利化，进一步提高双方经贸交流与合作的水平，双方决定，在《内地与澳门关于建立更紧密经贸关系的安排》（以下简称《安排》）框架下，签署内地与澳门特别行政区（以下简称“澳门”）投资协议如下： |
| CHAPTER 1 INITIAL PROVISIONS | | 第一章 初始条款 |
| Article 1 Relationship with CEPA | | 第一条 与《安排》的关系 |
| 1. This Agreement is the Investment Agreement of CEPA. | | 一、本协议是《安排》的投资协议。 |
| 2. Article 5 (National Treatment), Article 6 (Most-Favoured Treatment), Article 7 (Performance Requirements) and Article 8 (Senior Management, Boards of Directors and Entry of Personnel) do not apply to measures affecting any sectors and any forms of investments covered by the Agreement on Trade in Services of CEPA. | | 二、本协议第五条（国民待遇）、第六条（最惠待遇）、第七条（业绩要求）、第八条（高级管理人员、董事会成员与人员入境）不适用于《〈安排〉服务贸易协议》所涵盖的部门及任何形式投资的措施。 |
| Article 2 Definitions | | 第二条 定 义 |
| For the purpose of this Agreement, | | 在本协议内： |
| 1. “investment” means every asset that an investor owns or controls, directly or indirectly, that has the characteristics of an investment, including such characteristics as the commitment of capital or other resources, the expectation of gain or profit, and the assumption of risks. Forms that an investment may take include, though not exclusively: | | 一、“投资”指所有由投资者直接或间接拥有或控制的、具有投资特征的各种资产，投资特征包括：资本或其他资源的投入、收益或利润的预期和风险的承担。投资形式包括，但不限于： |
| an enterprise; | | （一）一家企业； |
| shares, stocks and other forms of equity participation in an enterprise; | | （二）企业的股份、股票和其他形式的参股； |
| bonds, debentures, loans and other debt instruments, including debt instruments issued by an enterprise or one side2; | | （三）债券、信用债券、贷款和其他债务工具，包括由企业或一方发行的债务工具②； |
| futures, options and other derivatives; | | （四）期货、期权及其他衍生工具； |
| turn key3 , construction, management, production, concession, revenue-sharing and other similar contracts; | | （五）交钥匙③、建筑、管理、生产、特许、收入分配及其他类似合同； |
| intellectual property rights; | | （六）知识产权； |
| licenses, authorisations, permits and similar rights4 conferred pursuant to the laws of one side; 5and | | （七）根据一方法律授予的执照、授权、许可及类似权益④，⑤；以及 |
| other tangible or intangible assets, movable or immovable property, and related property rights, such as leases, mortgages, liens and pledges. | | （八）其他有形或无形资产、动产、不动产以及相关财产权利，如租赁、抵押、留置权及质押权； |
| For greater certainty, any change in the form in which an asset is invested does not affect its character as an investment; | | 为进一步明确，投资的资产形式上的任何变化并不影响其作为投资的性质； |
| 2. “investor” means one side, or a natural person or an enterprise of one side, that seeks to make, is making or has made a covered investment; | | 二、“投资者”指寻求从事、正在从事或者已经从事一项涵盖投资的一方或其自然人或企业； |
| 3. “covered investment” means, with respect to one side, an investment in its area that an investor of the other side owns or controls, directly or indirectly, and exists on the date of the coming into effect of this Agreement or is made or acquired thereafter; | | 三、对于一方来说，“涵盖投资”指本协议生效时另一方投资者在前述一方境内直接或间接拥有或控制的已存在的投资，或在其后作出或取得的投资； |
| 4. “natural person” means, in the case of the Mainland, a citizen of the People's Republic of China; and in the case of Macao, a permanent resident of the Macao Special Administrative Region of the People's Republic of China; | | 四、“自然人”，对内地而言，是指中华人民共和国公民；对澳门而言，是指中华人民共和国澳门特别行政区永久性居民； |
| 5. “enterprise” means: | | 五、“企业”指： |
| an entity constituted or organised under the laws of one side, whether or not for profit, whether privately-owned or governmentally-owned, and whether its liabilities are limited or otherwise, such as a public institution, corporation, foundation, agency, cooperative, trust, society, association and similar entity and a private company, firm, partnership, establishment, joint venture and organisation; | | （一）根据一方法律组成或组织的实体，不论是否以营利为目的，不论私人拥有或政府拥有，也不论其责任是有限责任还是其他形式，例如公共机构、公司、基金会、代理、合作社、信托、社团、协会和类似实体，以及私人公司、企业、合伙、机构、合资企业和组织；以及 |
| a branch of any such entity; | | （二）任何此类实体的分支机构； |
| 6. “measure” includes any law, regulation, rule, procedure, decision, requirement, administrative action, or practice; | | 六、“措施”包括任何法律、法规、规定、程序、决定、要求、行政行为或实践； |
| 7. “government procurement” means the process by which a government obtains the use of or acquires goods or services, or any combination thereof, for governmental purposes by any contractual means including purchase, rental or lease with or without an option to buy, as well as build-operate-transfer contracts and public works concession contracts, etc., and not with a view to commercial sale or resale or use in the production or supply of goods or services for commercial sale or resale; | | 七、“政府采购”指政府出于政府目的，以购买、租赁和无论是否享有购买选择权的租购，以及建设-运营-转让合同、公共工程特许合同等各种合同形式，取得商品或服务的使用权或获得商品或服务，或两者兼得的行为。其目的并非是商业销售或转售，或为商业销售或转售而在生产中使用、提供商品或服务； |
| 8. “returns” means the amounts yielded by investments, and in particular, though not exclusively, profits, capital gains, dividends, interest, royalties, returns-in-kind or other income; | | 八、“收益”是指由投资产生的款项，特别包括，但不限于，利润、资本利得、分红、利息、特许权使用费、实物回报或其他收入； |
| 9. “disputing investor” means an investor that makes a claim under Article 19 (Dispute Settlement between a Macao Investor and the Mainland) or Article 20 (Dispute Settlement between a Mainland Investor and Macao); | | 九、“争端投资者”指依据第十九条（澳门投资者与内地一方争端解决）、第二十条（内地投资者与澳门一方争端解决）提出诉请的投资者； |
| 10. “disputing side” means one side against which a claim is made under Article 18 (Dispute Settlement between the Two Sides under this Agreement), Article 19 (Dispute Settlement between Macao Investor and the Mainland Side) or Article 20 (Dispute Settlement between the Mainland Investor and the Macao Side); | | 十、“争端一方”指依据第十八条（本协议双方的争端解决）、第十九条（澳门投资者与内地一方争端解决）、第二十条（内地投资者与澳门一方争端解决）提出诉请所针对的一方； |
| 11. “disputing party” means the disputing investor or the disputing side; | | 十一、“争端方”指争端投资者或争端一方； |
| 12. “WTO Agreement” means the Marrakesh Agreement Establishing the World Trade Organisation, done at Marrakesh on 15 April 1994; | | 十二、《世界贸易组织协定》指于1994年4月15日在马拉喀什签署的《建立世界贸易组织马拉喀什协定》； |
| 13. “TRIPS Agreement” means the Agreement on Trade-Related Aspects of Intellectual Property Rights, contained in Annex 1C of the WTO Agreement, as revised or amended from time to time by a revision or amendment that applies to the two sides and including any waiver of any provision thereof granted by the General Council of the World Trade Organisation (WTO); | | 十三、《与贸易有关的知识产权协定》指《世界贸易组织协定》附件1C所载的《与贸易有关的知识产权协定》，并经适用于双方的不时修改或修订，包括世界贸易组织总理事会授予该协定的任何条款的任何豁免； |
| 14. “taxation agreement” means an agreement, convention, treaty or arrangement for the avoidance of double taxation or other bilateral or multilateral taxation agreement, convention, treaty or arrangement; | | 十四、“税收协议”指防止双重征税的协议、协定、条约或安排，或其他与税收有关的双边或多边协议、协定、条约或安排； |
| 15. “competition authority” means: | | 十五、“竞争主管部门”指： |
| in the case of the Mainland, the authority for enforcement of the Anti-Monopoly Law and the authority (for enforcement) of the Law Against Unfair Competition under the State Council, or their successors; and | | （一）对内地而言，国务院反垄断执法机构和反不正当竞争主管部门（执法机构），或其继任者；以及 |
| in the case of Macao, the authority established by the Macao Special Administrative Region Government for supervising and handling matters of commercial monopoly and unfair competition | | （二）对澳门而言，由特区政府设立的监察及处理商业垄断及不当竞争事宜的权限部门； |
| 16. “information protected under its competition laws” means: | | 十六、“受其竞争法律保护的信息”指： |
| in the case of the Mainland, information protected from disclosure under the relevant provisions of the Anti-Monopoly Law, the Pricing Law and the Law Against Unfair Competition, or any successor provisions; and | | （一）对内地而言，受《反垄断法》、《价格法》和《反不正当竞争法》保护不得披露的信息，或其任何后续条款规定的信息；以及 |
| in the case of Macao, information protected by the Commercial Code (Book 1, Title X “Regulation of Competition between Entrepreneurs”) of, or any successor provisions. | | （二）对澳门而言，《商法典》（第一卷第十编“企业主之间之竞争规则”）所保护的信息，或其任何后续条款规定的信息。 |
| Article 3 Scope of Application | | 第三条 适用范围 |
| 1. This Agreement shall apply to measures adopted or maintained by one side relating to investors of the other side and covered investments. | | 一、本协议应适用于一方采取或维持的与另一方投资者和涵盖投资有关的措施。 |
| 2. This Agreement shall apply to investments made by investors of one side in the other side prior to or after the coming into effect of this Agreement, but shall not apply to the “investment disputes” as referred to in paragraph 1 of Article 19 (Dispute Settlement between a Macao Investor and the Mainland) and paragraph 1 of Article 20 (Dispute Settlement between a Mainland Investor and Macao) of this Agreement, settled before the coming into effect of this Agreement. | | 二、本协议应适用于一方投资者在另一方于本协议生效前或生效后的投资，但不适用于本协议生效前已解决的本协议第十九条（澳门投资者与内地一方争端解决）第一款及第二十条（内地投资者与澳门一方争端解决）第一款所指的“投资争端”。 |
| 3. The obligations of one side under this Agreement shall apply to any entity when it exercises any regulatory, administrative or other governmental authority delegated to it by that side, such as the power to expropriate, grant licences, approve commercial transactions, or impose quotas, fees or other charges. | | 三、一方在本协议项下的义务应适用于任何由该方授权其行使监管职权、行政职权或其他政府职权的实体，例如，征收、授予许可证、审批商业交易或设定配额、征收税费或其他费用的权力。 |
| CHAPTER 2 SUBSTANTIVE OBLIGATIONS | | 第二章 实体性义务 |
| Article 4 Minimum Standard of Treatment | | 第四条 最低标准待遇 |
| 1. One side shall ensure that fair and equitable treatment is accorded to investors of the other side and their covered investments, and shall provide full protection and security. | | 一、一方应确保给予另一方投资者及其涵盖投资公正与公平待遇，并提供充分保护与安全。 |
| 2. In paragraph 1 of this Article: | | 二、本条第一款中： |
| “fair and equitable treatment” means that one side shall not deny justice in criminal, civil or administrative adjudicatory proceedings in accordance with due process of law, or implement manifest discriminatory or arbitrary measures; | | （一）“公正与公平待遇”是指依照正当法律程序，一方不得在刑事、民事或行政裁定程序中拒绝司法，或实行明显的歧视性或专断性措施； |
| “full protection and security” means that one side shall adopt reasonable and necessary measures to provide police protection to the investors of the other side and their covered investments. | | （二）“充分保护与安全”指一方应采取合理、必要的措施，为另一方投资者及其涵盖投资提供治安保护。 |
| 3. A breach of another provision of this Agreement does not establish that there has been a breach of this Article. | | 三、一项对本协议的其他条款的违反，不能认定为对本条的违反。 |
| 4. For greater certainty, the mere fact that one side takes or fails to take an action that may be inconsistent with an investor's expectations does not constitute a breach of this Article, regardless of whether there is loss or damage to the covered investment as a result. | | 四、为进一步明确，一方采取或未采取某一行为且可能与投资者的期待不符，仅这一事实不构成对本条的违反，无论涵盖投资是否因此受到了损失或损害。 |
| 5. For greater certainty, the mere fact that a subsidy or grant has not been issued, renewed or maintained, or has been modified or reduced, by one side, does not constitute a breach of this Article, regardless of whether there is loss or damage to the covered investment as a result. | | 五、为进一步明确，一方没有发放或继续发放、维持一项补贴或赠款，或修改或减少一项补贴或赠款，仅这一事实不构成对本条的违反，无论涵盖投资是否因此受到了损失或损害。 |
| Article 5 National Treatment | | 第五条 国民待遇 |
| 1. One side shall accord to investors of the other side treatment no less favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of covered investments in its area. | | 一、一方给予另一方投资者在设立、取得、扩大、管理、经营、运营和销售或其他处置其境内投资方面的待遇，不得低于在类似情形下给予其本地投资者的待遇。 |
| 2. One side shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments of its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of covered investments in its area. | | 二、一方给予涵盖投资在设立、取得、扩大、管理、经营、运营和销售或其他处置其境内投资方面的待遇，不得低于在类似情形下给予其本地投资者投资的待遇。 |
| Article 6 Most-Favoured Treatment | | 第六条 最惠待遇 |
| 1. One side shall accord to investors of the other side treatment no less favourable than that it accords, in like circumstances, to investors of any other party with respect to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of covered investments in its area. | | 一、一方给予另一方投资者在设立、取得、扩大、管理、经营、运营和销售或其他处置其境内涵盖投资方面的待遇，不得低于在类似情形下给予其他方投资者的待遇。 |
| 2. One side shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments of investors of any other party with respect to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of investments in its area. | | 二、一方给予涵盖投资在设立、取得、扩大、管理、经营、运营和销售或其他处置其境内投资方面的待遇，不得低于在类似情形下给予其他方投资者投资的待遇。 |
| 3. For greater certainty, the provisions of this Agreement shall not be so construed as to prevent one side from conferring or according advantages to adjacent countries or regions in order to facilitate investments that engage in local production and consumption in contiguous frontier zones. | | 三、为进一步明确，本协议的规定不应解释为阻止一方对相邻国家或地区授予或给予优惠，以便利仅限于毗连边境地区的当地生产和消费的投资。 |
| 4. For greater certainty, the “treatment” referred to in paragraphs 1 and 2 of this Article does not encompass dispute resolution mechanisms in other investment agreements, international investment treaties and other trade agreements. | | 四、为进一步明确，本条第一款和第二款提及的“待遇”不包括其他投资协定、国际投资条约和其他贸易协定中的争端解决机制。 |
| Article 7 Performance Requirements | | 第七条 业绩要求 |
| 1. Neither side may impose or enforce the following requirements, or enforce a commitment or undertaking, in connection with the establishment, acquisition, expansion, management, conduct, operation, or sale or other disposition of a covered investment in its area: | | 一、任何一方不得就其境内的涵盖投资在设立、取得、扩大、管理、经营、运营、销售或其他处置方面施加或强制执行以下要求，或者强制要求其承诺或保证： |
| to export a given level or percentage of goods or services; | | （一）出口一定水平或比例的货物或服务； |
| to achieve a given level or percentage of domestic content; | | （二）达到一定水平或比例的当地含量； |
| to purchase, use or accord a preference to goods produced in its area, or to purchase goods from a person in its area; | | （三）购买、使用或优先选择其境内生产的货物，或者向其境内的人购买货物； |
| to relate in any way the volume or value of imports to the volume or value of exports or to the amount of foreign exchange inflows associated with the investment; | | （四）以任何方式将进口产品的数量或价值与出口产品的数量或价值或与此投资有关的外汇流入金额相联系； |
| to restrict sales of goods or services in its area that the investment produces or supplies by relating those sales in any way to the volume or value of its exports or foreign exchange earnings; | | （五）通过以任何方式将该投资生产或提供的货物或服务与出口产品的数量或价值或外汇收入相联系，以限制该等货物或服务在其境内的销售； |
| to transfer a particular technology, a production process or other proprietary knowledge to a person in its area; or | | （六）将特定的技术、生产流程或其他专有知识转移给其境内的人；或 |
| to supply exclusively from the area of one side the goods that the investment produces or the services that it provides to a specific regional market or to the world market. | | （七）仅从一方境内向一个特定区域市场或世界市场供应投资所生产的货物或提供的服务。 |
| 2. Neither side may condition the receipt or continued receipt of an advantage, in connection with the establishment, acquisition, expansion, management, conduct, operation, or sale or other disposition of a covered investment in its area, on compliance with the following requirements: | | 二、任何一方不得就其境内的涵盖投资在设立、取得、扩大、管理、经营、运营、销售或其他处置方面，要求以遵守下列要求作为获得或继续获得优惠的条件： |
| to achieve a given level or percentage of domestic content; | | （一）达到一定水平或比例的当地含量； |
| to purchase, use or accord a preference to goods produced in its area, or to purchase goods from a person in its area; | | （二）购买、使用或优先选择其境内生产的货物，或者向其境内的人购买货物； |
| to relate in any way the volume or value of imports to the volume or value of exports or to the amount of foreign exchange inflows associated with the investment; or | | （三）以任何方式将进口产品的数量或价值与出口产品的数量或价值或与此投资有关的外汇流入金额相联系；或 |
| to restrict sales of goods or services in its area that the investment produces or supplies by relating those sales in any way to the volume or value of its exports or foreign exchange earnings. | | （四）通过以任何方式将该投资生产或提供的货物或服务与出口产品的数量或价值或外汇收入相联系，以限制该等货物或服务在其境内的销售。 |
| 3. (i) Nothing in paragraph 1 shall be construed to prevent one side from imposing or enforcing any requirement, or enforcing any commitment or undertaking, in connection with an investment of an investor of the other side in its area, to locate production, supply a service, train or employ workers, construct or expand particular facilities, or carry out research and development, in its area, provided that such measures are consistent with sub-paragraph 1(vi). | | 三、（一）第一款不应被解释为阻止一方针对另一方的投资者在其境内的投资施加或强制执行以下要求，或者强制要求其承诺或保证：在该方境内确定生产地点、提供服务、培训或雇用员工、建设或扩大特定设施、开展研发，前提是该等措施与第一款第（六）项相符。 |
| Nothing in paragraph 2 shall be construed to prevent one side from conditioning the receipt or continued receipt of an advantage, in connection with an investment of an investor of the other side in its area, on compliance with a requirement to locate production, supply a service, train or employ workers, construct or expand particular facilities, or carry out research and development, in its area. | | （二）第二款不应被解释为阻止一方将在其境内确定生产地点、提供服务、培训或雇用员工、建设或扩大特定设施、开展研发的要求，作为另一方的投资者在其境内的投资获得或者继续获得优惠的条件。 |
| Sub-paragraph 1(vi) does not apply to the following situations or measures: | | （三）第一款第（六）项不适用于以下情形或措施： |
| (1) if one side authorises use of an intellectual property right in accordance with Article 31 of the TRIPS Agreement, or to measures requiring the disclosure of proprietary information that fall within the scope of, and are consistent with, Article 39 of the TRIPS Agreement; or | | 1.一方根据《与贸易有关的知识产权协定》第三十一条授权使用一项知识产权的情形，或在《与贸易有关的知识产权协定》第三十九条的范围内且符合该条规定要求披露专有信息的措施；或 |
| (2) if the requirement is imposed or the commitment or undertaking is enforced by the judicial authority or competition authority to remedy a practice determined after judicial or administrative process to be anticompetitive under the competition laws of one side. | | 2.由司法机构或竞争主管机构施加或强制执行这种要求、承诺或保证，以救济在司法或者行政程序之中确定的一方竞争法项下的反竞争行为的情形。 |
| Sub-paragraphs 1(i), 1(ii), 1(iii) and sub-paragraphs 2(i) and 2(ii) do not apply to qualification requirements for goods or services with respect to export promotion and foreign aid programs. | | （四）第一款第（一）、（二）、（三）项和第二款第（一）、（二）项不适用于关于出口促进和对外援助项目的货物或服务的资格要求。 |
| Sub-paragraphs 1(ii), 1(iii), 1(vi), 1(vii) and sub-paragraphs 2(i) and 2(ii) do not apply to government procurement. | | （五）第一款第（二）、（三）、（六）和（七）项，以及第二款第（一）、（二）项不适用于政府采购。 |
| Sub-paragraphs 2(i) and 2(ii) do not apply to requirements imposed by the importing side relating to the content of goods necessary to qualify for preferential tariffs or preferential quotas. | | （六）第二款第（一）项和第（二）项不适用于进口的一方施加的、与获得适用优惠关税或者优惠配额的产品资格所必须满足的货物成分相关的要求。 |
| 4. For greater certainty, paragraphs 1 and 2 do not apply to any commitment, undertaking or requirement other than those set out in those paragraphs. | | 四、为进一步明确，第一款和第二款不适用于这些条款所列之外的其他承诺、保证或要求。 |
| 5. This Article does not preclude the enforcement of any commitment, undertaking or requirement between private parties, if one side did not impose or require the commitment, undertaking or requirement. | | 五、本条并不排除任何私人主体之间、而非由一方施加或要求的承诺、保证或要求的履行。 |
| Article 8 Senior Management, Boards of Directors and Entry of Personnel | | 第八条 高级管理人员、董事会成员与人员入境 |
| 1. One side may not require that an enterprise of that side that is a covered investment appoint to a senior management position an individual of any particular nationality. | | 一、一方不得要求作为涵盖投资的该方企业任命具备某一特定国籍的人员担任高管职务。 |
| 2. One side may require that a majority of the board of directors, or any committee thereof, of an enterprise of that side that is a covered investment be of a particular nationality or resident in the area of that side, provided that the requirement does not materially impair the ability of the investor to exercise control over its investment. | | 二、一方可要求作为涵盖投资的该方企业的董事会或者其任何委员会的大部分成员，具有特定的国籍或某一地方区域内特定居民身份，前提条件是该要求不得实质性损害投资者控制其投资的能力。 |
| 3. Subject to its laws and policies relating to entry and stay, one side shall permit a natural person of the other side employed by an enterprise that is a covered investment of an investor, or a subsidiary or affiliate of such an enterprise, to enter and stay temporarily in a capacity that is managerial or executive or that requires specialised knowledge. | | 三、依据其关于入境和逗留的法律及政策，一方应当准许作为投资者涵盖投资的企业、其子公司或附属机构雇用的另一方自然人入境并作短暂停留，以担任管理、执行或专业职务。 |
| Article 9 Non-Conforming Measures | | 第九条 不符措施 |
| 1. Article 5 (National Treatment), Article 6 (Most-Favoured Treatment), Article 7 (Performance Requirements) and Article 8 (Senior Management, Boards of Directors and Entry of Personnel) do not apply to: | | 一、第五条（国民待遇）、第六条（最惠待遇）、第七条（业绩要求）、第八条（高级管理人员、董事会成员与人员入境）不适用于： |
| 1. any existing non-conforming measures maintained by one side, as specified in its lists in Table 1 of Part I (Schedule of the Mainland) in Annex 2 or Part II (Schedule of Macao) in Annex 2; and | | （一）1.一方维持的任何现存的不符措施，由该一方在其附件2之第一部分（内地减让表）附表1或附件2之第二部分（澳门减让表）的清单中列明；及 |
| 2. any measure maintained or adopted after the date of coming into effect of this Agreement that, at the time of sale or other disposition of a government's equity interests in, or the assets of, an existing enterprise owned or invested by the government or an existing governmental entity, prohibits or imposes limitations on the ownership or control of equity interests or assets, or imposes nationality requirements relating to senior management or members of the board of directors; | | 2.自本协议生效后，在销售或以其他方式处置某一现存政府拥有或出资的企业或某一现存政府机构中政府的股东权益或资产时维持或采取的措施，该措施禁止或限制对股东权益或资产的所有或控制，或者对高级管理人员或董事会人员施加国籍的要求； |
| the continuation or prompt renewal of any non-conforming measure referred to in sub-paragraph (i); or | | （二）前述第（一）项中所指的不符措施的继续或即时延续；或 |
| an amendment to any non-conforming measure referred to in sub-paragraph (i), to the extent that the amendment does not increase the non-conformity of the measure, as it existed immediately before the amendment, with the obligations in Article 5 (National Treatment), Article 6 (Most-Favoured Treatment), Article 7 (Performance Requirements) and Article 8 (Senior Management, Boards of Directors and Entry of Personnel). | | （三）前述第（一）项中所指不符措施的修订，只要该修订与修订即刻前相比，不可更不符合第五条（国民待遇）、第六条（最惠待遇）、第七条（业绩要求）、第八条（高级管理人员、董事会成员与人员入境）的义务。 |
| 2. Article 5 (National Treatment), Article 6 (Most-Favoured Treatment), Article 7 (Performance Requirements) and Article 8 (Senior Management, Boards of Directors and Entry of Personnel) do not apply to the measures adopted or maintained by one side with respect to sectors, sub-sectors or activities as set out in Table 2 of Part I (Schedule of the Mainland) in Annex 2 or Part II (Schedule of Macao) in Annex 2. | | 二、第五条（国民待遇）、第六条（最惠待遇）、第七条（业绩要求）、第八条（高级管理人员、董事会成员与人员入境）不适用于一方根据附件2之第一部分（内地减让表）附表2或附件2之第二部分（澳门减让表）保留权利采取或维持的措施。 |
| 3. For greater certainty, Macao will not impose any new discriminatory measures on Mainland investors in the areas of non-services investments covered by this Agreement in respect of the obligations under Article 5 (National Treatment), Article 6 (Most-Favoured Treatment), Article 7 (Performance Requirements) and Article 8 (Senior Management, Boards of Directors and Entry of Personnel). The two sides shall, through consultation, formulate and implement measures for further liberalisation by Macao for Mainland investors and their covered investments. The specific commitments will be listed in Part II (Schedule of Macao) of Annex 2 to this Agreement. | | 三、为进一步明确，对本协议涵盖的非服务业投资领域，就第五条（国民待遇）、第六条（最惠待遇）、第七条（业绩要求）、第八条（高级管理人员、董事会成员与人员入境）规定的义务，澳门对内地投资者不增加任何限制性措施。双方通过磋商，拟订和实施澳门对内地投资者及涵盖投资进一步开放的内容。有关具体承诺列入本协议附件2之第二部分（澳门减让表）。 |
| 4. Without prejudice to the other provisions and the annexes to this Agreement, an investor of one side must fulfil the relevant requirements in relation to the definition of “investor” in Annex 1 to this Agreement in order to enjoy the treatment of investments as set out in Article 5 (National Treatment), Article 6 (Most-Favoured Treatment), Article 7 (Performance Requirements) and Article 8 (Senior Management, Boards of Directors and Entry of Personnel). | | 四、在不影响本协议其他条款及附件规定的前提下，为享受第五条（国民待遇）、第六条（最惠待遇）、第七条（业绩要求）、第八条（高级管理人员、董事会成员与人员入境）所规定的投资待遇，一方投资者须满足本协议附件1关于“投资者”定义的相关规定。 |
| 5. In respect of intellectual property rights, one side may derogate from Article 5 (National Treatment), Article 6 (Most-Favoured Treatment) and Article 7 (Performance Requirements) of this Agreement in a manner that is consistent with agreements regarding intellectual property rights to which both sides are parties or applicable to both sides. | | 五、就知识产权而言，一方可按照符合双方均为成员方的或对双方均适用的与知识产权有关协定的方式，背离本协议第五条（国民待遇）、第六条（最惠待遇）、第七条（业绩要求）。 |
| 6. Article 5 (National Treatment), Article 6 (Most-Favoured Treatment) and Article 8 (Senior Management, Boards of Directors and Entry of Personnel) do not apply to: | | 六、第五条（国民待遇）、第六条（最惠待遇）、第八条（高级管理人员、董事会成员与人员入境）不适用于： |
| government procurement by one side; | | （一）一方进行的政府采购； |
| subsidies or grants provided by one side, including government- | | |
| supported loans, guarantees and insurance. | | （二）一方提供的补贴或赠款，包括政府支持贷款、担保与保险。 |
| However, should the laws of one side provide otherwise for sub-paragraphs (i) and (ii) of this paragraph, such laws shall prevail. | | 但一方法律就本款第（一）、（二）项另有规定的从其规定。 |
| 7. If the two sides have different understandings with respect to the scope of the tables in Annex 2 to this Agreement, the two sides shall make an interpretation through the Committee on Investment established in accordance with Article 17 (Committee on Investment). | | 七、如各方对本协议附件2附表的范围有不同的理解，双方应通过依第十七条（投资工作小组）设立的投资工作小组作出解释。 |
| Article 10 Special Formalities and Information Requirements | | 第十条 特殊手续和信息要求 |
| 1. Nothing in Article 5 (National Treatment) shall be construed to prevent one side from adopting or maintaining a measure that prescribes special formalities in connection with investors and covered investments, such as a requirement that investors be residents of that side, or that covered investments be legally constituted under the laws of that side, provided that such formalities do not materially impair the obligations of that side owed to investors and covered investments of the other side. | | 一、如果特殊手续要求不实质性损害一方根据本协议承担的对另一方投资者及涵盖投资的义务，则第五条（国民待遇）不应被解释为阻止一方采取或维持与投资者及涵盖投资相关的特殊手续的措施，例如，投资者须是一方居民的要求，或该涵盖投资须根据一方的法律合法组建的要求。 |
| 2. Notwithstanding Article 5 (National Treatment) and Article 6 (Most-Favoured Treatment), one side may require an investor or covered investment of the other side to provide information concerning the investor or the covered investment solely for informational or statistical purposes. The former side shall protect any confidential business information from disclosure that would prejudice the competitive position of the investor or the covered investment. Nothing in this paragraph shall be construed to prevent one side from otherwise obtaining or disclosing information in connection with the equitable and good faith application of its laws. | | 二、尽管有第五条（国民待遇）和第六条（最惠待遇）的规定，一方可仅为了信息或统计的目的，要求另一方的投资者或其涵盖投资提供与投资者或涵盖投资有关的信息。前述一方应保护商业机密信息防止因泄露而有损投资者或涵盖投资的竞争地位。本款不应被解释为阻碍一方获得或披露与公正和诚信适用法律有关的信息。 |
| Article 11 Expropriation | | 第十一条 征 收 |
| 1. Covered investments or returns of investors of one side shall not be expropriated or subjected to measures having an effect equivalent to expropriation in the area of the other side (hereinafter referred to as “expropriation”), except for a public purpose, in accordance with due process of law, in a non-discriminatory manner and on payment of compensation. For greater certainty, this Article shall be interpreted in accordance with Annex 3. | | 一、一方投资者的涵盖投资或投资收益均不得在另一方境内被征收，亦不得被采取具有相当于征收效果的措施（以下称“征收”），基于公共目的、根据正当法律程序、以非歧视方式并给予补偿的情况除外。为进一步明确，本款应根据附件3来理解。 |
| 2. The compensation referred to in paragraph 1 of this Article shall be equivalent to the real value6 of the expropriated investment immediately before the expropriation, or before the impending expropriation became public knowledge, whichever is earlier, and shall include interest at a normal commercial rate, accrued from the date of expropriation until the date of payment. Compensation shall be fully realisable, freely transferable, and paid without delay. The affected investor shall have a right under the laws of the side making the expropriation to prompt review of its case and of the valuation of its investment by a judicial or other independent authority of that side in accordance with the principles set out in this paragraph. | | 二、本条第一款所指的补偿应相当于采取征收前或征收为公众所知时（以较早者为准）被征收投资的实际价值⑥，并应包括直至补偿支付之时按通常商业利率计算的利息。补偿的支付应可以有效实现、自由转移，且不得迟延。根据实施征收一方的法律，受影响的投资者应有权根据本款规定的原则，要求该方司法机构或其他独立机构迅速审查其案件及对其投资的估值。 |
| 3. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rights, or to other measures related to intellectual property rights, to the extent that such measures are consistent with agreements regarding intellectual property rights to which both sides are parties or applicable to both sides. | | 三、本条不适用于有关知识产权强制许可的颁发，亦不适用于与知识产权相关的其他措施，只要该措施符合双方均为成员方的或对双方均适用的与知识产权有关的协定。 |
| 4. For greater certainty, the mere fact that a subsidy or grant has not been issued, renewed or maintained, or has been modified or reduced, by one side, does not constitute an expropriation, regardless of whether there is loss or damage to the covered investment as a result. | | 四、为进一步明确，一方没有发放或继续发放、维持一项补贴或赠款，或修改或减少一项补贴或赠款，仅这一事实不构成征收，无论涵盖投资是否因此受到了损失或损害。 |
| Article 12 Compensation for Losses | | 第十二条 损失补偿 |
| 1. Notwithstanding the provision of sub-paragraph 6(ii) of Article 9 (Non-Conforming Measures), investors of one side who suffer losses in respect of covered investments owing to war, state of emergency, insurrection, riot, natural disaster or other similar events, shall be accorded treatment by the other side, in respect of restitution, indemnification, compensation or other settlement, no less favourable than that it accords in like circumstances, to its own investors or to investors of any other party, whichever is most favourable. | | 一、尽管有第九条（不符措施）第六款第（二）项的规定，一方投资者的涵盖投资，如果由于战争、紧急状态、叛乱、暴乱、自然灾难或其他类似事件而遭受损失，在恢复原状、赔偿、补偿或其他解决措施方面，另一方给予前述一方投资者的待遇，不得低于相似条件下给予其投资者或其他方投资者的待遇中最优者。 |
| 2. Notwithstanding paragraph 1 of this Article, if an investor of one side, in the situations referred to in paragraph 1 of this Article, suffers a loss in the area of the other side resulting from: | | 二、在不损害本条第一款的情况下，如果一方投资者在另一方境内，在本条第一款所述情况下遭受损失，是由于： |
| requisitioning of its covered investment or part thereof by the other side; or | | （一）该另一方征用该投资者的全部或部分涵盖投资；或 |
| destruction of its covered investment or part thereof by the other side, which was not required by the necessity of the situation, the latter side shall provide the investor restitution, compensation or both, as appropriate, for that loss. Any compensation shall be made in accordance with the principles set out under paragraph 2 of Article 11 (Expropriation). | | （二）在并非必需的情形下，该另一方破坏该投资者的全部或部分涵盖投资，该另一方应当对此损失向投资者提供恢复原状或补偿，或在适当情况下同时提供恢复原状和补偿。补偿应当按照第十一条（征收）第二款规定的标准进行。 |
| Article 13 Subrogation | | 第十三条 代 位 |
| If one side or its agency makes a payment to an investor of that side under a guarantee or a contract of insurance that it has granted to a covered investment of that investor, the other side shall recognise the transfer of any right or claim of that investor to the former side or its agency. The subrogated right or claim shall not be greater than the original right or claim of the said investor. Such right may be exercised by the former side or its agency so authorised. | | 若一方或其代理机构依据其对投资者的涵盖投资授予的担保或保险合同向该投资者作了支付，则另一方应承认该投资者的任何权利或诉请均转移给前述一方或其代理机构。所代位的权利或诉请不得超过前述投资者原有权利或诉请。此权利可由一方行使，或由其授权的任何代理机构行使。 |
| Article 14 Transfer7 | | 第十四条 转 移⑦ |
| 1. One side shall permit all transfers relating to a covered investment to be made freely, and without delay, into and out of its area. Those transfers include: | | 一、一方应允许所有与涵盖投资有关的转移自由、无迟延地进出其境内。该等转移包括： |
| contributions to capital; | | （一）资本的投入； |
| profits, dividends, capital gains, and proceeds from the sale of all or part of the covered investment or from the partial or complete liquidation of the covered investment; | | （二）利润、股息、资本所得、全部或部分出售或清算涵盖投资所得收入； |
| interest, royalty payments, management fees, and technical assistance and other fees; | | （三）利息、特许使用费、管理费以及技术援助和其他费用； |
| payments made under a contract, including a loan agreement or an employment contract; | | （四）根据合同所付的款项，包括贷款协议或雇佣合同； |
| payments made pursuant to Article 11 (Expropriation) and Article 12 (Compensation for Losses); | | （五）根据本协议第十一条（征收）、第十二条（损失补偿）所付的款项； |
| payments arising out of Chapter 3 (Investment Facilitation and Settlement of Disputes); and | | （六）本协议第三章（投资便利化及争端解决）所涉款项，以及 |
| earnings and remuneration of a natural person of one side who works in a covered investment in the area of the other side. | | （七）在另一方境内从事与一项涵盖投资相关工作的一方自然人所获收入和报酬。 |
| 2. One side shall permit transfers relating to a covered investment to be made in a freely usable currency at the market rate of exchange prevailing at the time of transfer. | | 二、一方应允许与涵盖投资有关的转移以可自由使用的货币、按照转移时的市场汇率进行。 |
| 3. One side shall permit returns-in-kind relating to a covered investment to be made as authorised or specified in a written agreement between that side and a covered investment or an investor of the other side. | | 三、一方应允许与涵盖投资有关的实物回报以该方与涵盖投资或另一方的投资者之间达成的书面协议所授权或规定的方式进行。 |
| 4. Notwithstanding paragraphs 1 to 3, one side may prevent or delay a transfer through the equitable, non-discriminatory and good faith application of its laws relating to: | | 四、尽管有第一至三款的规定，一方仍可通过公正、非歧视和善意地适用与下列事项有关的法律来阻止或延迟转移： |
| bankruptcy, insolvency, or the protection of the rights of creditors; | | （一）破产、资不抵债或保护债权人权利； |
| issuing, trading, or dealing in securities, futures, options, or derivatives; | | （二）证券、期货、期权或衍生品的发行、买卖或交易； |
| criminal offenses; | | （三）刑事犯罪； |
| financial reporting or record keeping of transfers when necessary to assist law enforcement or financial regulatory authorities; or | | （四）在为执法或金融监管部门提供必要协助时，对转移进行财务报告或备案；或 |
| ensuring compliance with orders or judgments in judicial or administrative proceedings. | | （五）确保司法或行政程序中的判决或决定得到遵守。 |
5. In case of a serious balance of payments difficulty or of a threat thereof, one side may implement measures to restrict transfer in accordance with the relevant principles of the Articles of Agreement of the International Monetary Fund. Those measures shall be imposed on an equitable and non-discriminatory basis, implemented only temporarily and progressively eliminated following the improvement of such kind of circumstances, and shall not exceed what is necessary to deal with such kind of circumstances.
．．．．．． | | 五、在面临严重的国际收支平衡困难或威胁的情形下，一方可依据《国际货币基金组织协定》有关原则实施限制转移的措施。该限制措施的施行应当基于公正、非歧视的原则，仅能够暂时实施并应随该种情形的好转而逐步取消，且不得超过为应对该种情形所必要的程度。
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