governments to solve these conflicts .though china has been the state member of Washington Agreement since 1992 ,but china usually would not agree to submit the conflict to International Central of Solve Investment Conflict which located in the headquarter of Word Bank to arbitrate .Once defeated ,investor could require any member state to execute the arbitration outcome ,and the member state even can not reject his require by hold public order .Though states’ property has the given immunity ,the Washington Agreement set the issue to& nbsp;be solved by the executing country according to it’s own law . Therefore , China usually would not agree to solve the conflicts by domestic arbitration or lawsuit . But foreign usually suspect the impartially of domestic arbitration or lawsuit . When government disobey it guarantee , foreign investor does not know it is a civil action or administration action . Even it is a administration action , he does not know whether it in the range of court .



　



3.1 law risk of government’s guarantee



Investor’s returns major depends on traffic , and the traffic decided his returns .Government can calculate the increase rate of traffic to control his earnings ,thus government can guarantee investor’s returns . If investor can not earning his expected means , government can supply subsidy to inspire investor’s enthusiasm . But government’s guarantee could make government faced the risk of debt , and the guarantee may violate the Guarantee Law —— government organization can not be warrantor , and the Notice of License —— investor must assume risk of construction , stock , operation , etc , government would not pledge fixed returns . Therefore , by international routing ,government would not pledge fixed returns ,except it is necessarily in economic of finance to attract investor . BOT item would turn into loan in essential if government pledge fixed returns , which cost would be very high . Then , not only investor will lose enthusiasm in deduce cost and increase efficient , but also make government faced more risk which should not be faced .



　



Considered the distinguished risk of BOT item , especially our investment environment is not perfect , it is not a good idea to forbid any guarantee of risk , especially guarantee of returns . Though government’s guarantee of returns depends on traffic forecast , traffic forecast itself has many problem ,one is the theory of traffic forecast is not perfect——by the Chaos Theory , it is impossible to forecast traffic , the other is consult company . In a item of traffic forecast of a south-west city airport highway , the man at the wheel co nfess he cheated the investor . All the more , o get the traffic forecast item of a Changjiang river bridge , the chief man of a consult company promise to the owner they can meet owner’s all kinds request , band no craft brother can doubt their out come ! I was deeply astonished by these actions which ignore law . once government faced debt of his guarantee of returns ,he can ask the consult company to pay the debt according to law——civil code law and contract law , thus , the government can avoid the risk of debt ;. his also means , with the development of market , especial the WTO order , consult company must answer for their work , which embody in the affairs of accountant firm . Therefore , the domestic consult company must careful their work , or else he may faced the debt of government , investor and bonder , even offend the Criminal Law .



　



4. conclusion



With the development of west ,invest in highway has higher returns and attraction than in Europe and America market . The great needs of capital make us must quicken the step of capitalize BOT investment from foreign finance organization and foreign government . But BOT item is a investment overseas , and it needs longer years and great capital ,which increase investor’s risk . Therefore , the success of BOT item greatly depends on the support of local govern

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