Abstract: Based on a Dual level Bargain analysis,this paper examines the roots,both international and domestical,of the investment protectionism in US.On international level,US’s dual roles as "World Policeman" and "World Banker" are incompatible with each other,especially during her relative declining period,which results in the competition on the "open-protection" policy between different interest groups,governmental institutions and theoretical approaches on the domestic level.A case study on the evolvement of CFIUS since 1975 provides detailed explanation on how the investment protection impulses paved its way in US domestic politics.We argues that China should put the investment protectionism and the CFIUS review standards on Chinese deals into the agenda of the bilateral strategic and economic dialogue so that we could achieve a more balanced and sustainable China-US relationship.In the dialogue on the protectionism issue,China may find common ground from Treasury department of US and should mitigate the influence from Pentagon and house.

Key words: investment protectionism, CFIUS, Sino-US economic Relation

摘要： 本文借助双层博弈框架分析了美国投资保护主义的体系根源和国内表现。在体系层面,美国的"世界警察"角色和"世界银行家"角色之间存在矛盾,从而导致在其国内出现不同利益集团、政府部门和思想流派围绕开放—保护问题的激烈争论。本文以CFIUS历次改革为案例研究美国投资保护主义的发酵机制。本文主张将CFIUS的改革和审查方式纳入到中美双方的战略与经济对话框架中来,并在此过程中借助美国财政部的利益和影响,限制军方和国会的影响。中国也应组建类似的跨部委的外资委员会以保护相应的国家利益。

关键词: 投资保护主义, CFIUS, 中美经济关系