摘要： 20世纪90年代中后期以来，国际投资仲裁机制出现了引人关注并引发争议的新发展。本文首先介绍了这些新发展，进而从国际法实施机制与南北矛盾的双重视角解读这些新发展。在此基础上，本文从卡尔沃主义的演变角度讨论了在变化着的新语境中国际投资仲裁机制的应然发展，并简要评析了近年来中国的相关BIT缔约实践及未来选择。

关键词: 外国投资者 , 国际仲裁 , 南北矛盾 , 实施机制

Abstract: Since the mid—1990s，there are some remarkable and controversial new developments in international investment arbitration mechanism．The author firstly introduces these new developments，and then reflects them from the perspectives of international law implementation mechanism and South—North issue．Based on this．the author discusses the ought—to—be development in the changing context from the perspective of the evolution of Calvo Doctrine and reviews the Chinese BIT practice currently and in the future．

Key words: Foreign Investors；International Arbitration；South&mdash, North Issue；Implementation Mechanism