在仲裁实践中,投资者频繁援引公平与公正待遇条款以保护其合理期待,其大量诉求获得了仲裁庭的支持,但理论界对此提出质疑。在实践层面上,对于保护投资者合理期待属于东道国义务,各国已基本达成共识,但具体保护标准尚未明确。在理论层面上,从条款解释、信赖利益保护、期待利益保护、国际习惯法发展等角度进行分析,保护投资者合理期待也是具有正当性的。当前情况下,我国应从文本限定和行为规范两方面保护我国利用外资和海外投资的相关活动。 In the practice of arbitration, investors frequently invoke the fair and equitable treatment clause to protect their reasonable expectation, and a large number of appeals have won the support of the arbitration tribunal, but theorists question this. At the practical level, all countries have basically reached a consensus on protecting investors’ reasonable expectation of belonging to host country obligations, but the specific standards of protection are not yet clear. At the theoretical level, it is also justified to protect investors’ reasonable expectation from the aspects of the interpretation of clauses, the protection of trust benefits, the expectation of protection of interests and the development of customary international law. Under the current circumstances, our country should protect our country’s related activities of using foreign capital and overseas investment from the two aspects of text limitation and code of conduct.