At present, China has become the world's largest official creditor, and its foreign debt position is still growing rapidly, so it is inevitable that sovereign debt defaults will become normalized and persistent. In this regard, ICSID arbitration can be an effective solution to the sovereign debt crisis. If a sovereign debt dispute is to be submitted to ICSID, it must meet not only the definition of investment under the BIT, but also the definition of 'investment' in Article 25 of the ICSID Convention. However, this article does not define investment. In practice, different tribunals have proposed and applied objective criteria for investment. On the one hand, we should selectively include objective criteria in our BIT clause to expand the scope of investment disputes that can be submitted to ICSID jurisdiction; on the other hand, in future we can consider invoking the elements of the arbitral tribunal's judgment on the investment in the grounds of the ICSID arbitration claim, so as to effectively safeguard our sovereign claim rights and interests.