关键词: 数据, 国际投资, 间接征收, 数据本地化, 跨境数据流动

Abstract: As the world transitions into the era of the digital economy, data has emerged as a crucial factor of production, attaining increasing significance as a pivotal new asset due to its substantial economic value.For multinational enterprises, the utilization and crossborder transportation of data are integral aspects that must be involved in maximizing the value generated by data. In this context, the target of indirect expropriation by the host country is not limited to traditional rights such as physical property and intellectual property rights, but its indirect expropriation behaviour has gradually expanded to the new type of property such as data. The relevant restrictive measures of the host country should avoid constituting indirect expropriation, thereby fostering create a stable investment environment for foreign investors.

Key words: data, international investment, indirect expropriation, data localization, cross border data flow