1946年11月，「中美友好通商航海條約」(「中美商約」)簽訂，由於戰後國共關係的對立及政治情勢的複雜化，使得商約褒貶評價不一。過去對於商約的研究，或以平等或不平等之二分法論析，或偏重「公司法」之討論，而較忽略歷史意義的探討。 從百年不平等條約的歷史發展而言，1946年中美商約的重要性，在於確認1943年「中美平等新約」 美國所聲明「放棄」之特權，以替代過去不平等條約制度時期相關的商務條約；因此，商約的簽訂不僅有其必要，而且亦是戰後中美經貿關係新基礎下的保障。 本文將從三個面向檢視中美商約的意義，其一，從中美條約關係的回顧中檢視1946商約的條約意義；其二，從平等互惠的原則考察商約條款內容；三、輿論評價與外交部之回應。從這三個面向考察中美商約在中美關係史上的發展意義。 In November 1946, the representatives of Chinese and United Stated signed a “ Treaty of Friendship, Commerce, and Navigation”(as is called “Sino-American Treaty of 1946”). Since the hostilities between KMT and CCP, the new treaty had different evaluations. The past research on this issue had more focus on the equal/unequal dichotomy, or over emphasized the “Company Law” and neglected the exploration of historical review. Retrospecting the past history of Chinese treaty system, we have found the significance of Sino-American Treaty of 1946 would ensure the Sino-American treaty of 1943, under which the American “abandoned” many privileges and the new 1946 treaty superseded the old treaty system of China. It turned out to be very necessary for the Chinese and American under this bilateral commercial agreement to take the assurance of new relationship after the WWII. This article is trying to explore the three points as follows: 1. Looking back the process of old treaty system and finding the meaning of Sino-American Treaty of 1946. 2. Analyzing text of Sino-American Treaty of 1946 by the principal of bilateral treaty. 3. Exploring public opinion and the response of Nanking Diplomacy Department.