根据晚近国际投资规则发展的新趋势,中国(上海)自由贸易试验区探索性地引进了“负面清单”的外资管理模式,同时,中美BIT谈判也将进入对“负面清单”谈判的关键阶段。“负面清单”将成为中国进一步改革开放的强大推动力,但同时,其又对中国现行外资管理体制提出了根本性挑战,其设计的完善与否将直接关系到中国外资管理体制改革乃至经济体制的安全性和未来的发展空间。本文以中国(上海)自由贸易试验区“负面清单”为基础,探究美国晚近BIT和贸易协定投资章节的“负面清单”设计,结合中国特点,对中美BIT“负面清单”附录二的谈判策略进行专门性研究,以期对中国外资管理体制变革和以中国为核心的多边投资规则构建有所贡献,并为中国建设“陆上丝绸之路”和“海上丝绸之路”的战略推进提供支持。 According to recent developments in international investment rules, China (Shanghai) Pilot Free Trade Zone exploratoryly introduced a “negative list” of foreign-funded management models. At the same time, Sino-U.S. BIT negotiations will also enter into a “negative list” The key stage of negotiation. “Negative List” will become a powerful driving force for further reform and opening up in China. At the same time, however, it poses a fundamental challenge to China’s current foreign investment management system. Whether its design will be improved or not will directly affect the reform of China’s foreign investment management system and even Economic security and future development space. Based on China (Shanghai) Pilot Free Trade Zone “Negative List ”, this article explores the “Negative List ” design of recent BIT and trade agreement investment chapters in the United States. Combining with the characteristics of China, “Appendix II of the negotiation strategy for a special study with a view to China’s reform of foreign investment management system and China as the core of the multilateral investment rules to contribute to the construction of China’s” Land Silk Road “and” Maritime Silk Road "to promote the strategic support.