natgillin/translations-raw huggingface dataset:
Resultaterne af antisubsidieundersøgelserne vedrørende solcellepaneler [22] og solcelleglas [23], hvor det blev konstateret, at statsejede banker i Kina optræder som offentlige organer (jf. betragtning 158-168 i forordningen om solcellepaneler og betragtning 73 i forordningen om solcelleglas), er også foreliggende faktiske oplysninger i denne undersøgelse med hensyn til de statsejede bankers status som offentlige organer.
The Law of the PRC on Commercial Banks (the banking law) [2003], The General Rules on Loans promulgated by the People's Bank of China (PBOC) on 28 June 1996 and Decision No 40 of the of the State Council.
Disse faktiske omstændigheder kan sammenfattes som følger.
Findings of the investigation
Statsejede banker har den største markedsandel og er de dominerende aktører på markedet i Kina.
Existence of a subsidy
Ud fra de foreliggende faktiske oplysninger er statsejede banker kontrolleret af regeringen i form af ejerskab og administrativ kontrol af deres kommercielle adfærd, herunder grænserne for de rentesatser, de kan tilbyde.
Whilst the Chinese authorities have provided only limited information concerning shareholding/ownership of banks in the PRC the investigation has, based on facts available, established that the Chinese financial market is characterised by significant government influence and control.
Bankloven og andre love og forskrifter pålægger banker at yde lån i henhold til behovene i den nationale økonomi, yde kreditstøtte til tilskyndede projekter og prioritere højteknologiske virksomheder og virksomheder, der anvender ny teknologi.
When analysing whether banks possess, are vested with or exercise government authority (i.e. they are public bodies) the Commission used all available information concerning not only government ownership of the banks but also other characteristics such as government presence on the board of directors, government influence and control over banks activities, the pursuit of government policies or interests and whether bank entities were created by statute.
På baggrund af ovenstående konkluderes det, at de statsejede banker udøver offentlige funktioner på vegne af den kinesiske regering, nemlig obligatorisk fremme af visse økonomiske sektorer i tråd med statslig planlægning og politiske dokumenter.
From the available information it is concluded that the fully State-owned banks with a board of directors dominated by the government of the PRC hold the highest market share and are the predominant players in the Chinese financial market.
Det omfattende statslige ejerskab i de statsejede banker bekræfter, at bankerne er under statens kontrol i forbindelse med udøvelsen af deres offentlige hverv.
State-owned banks are subject to legal rules which require them, inter alia, to carry out their loan business according to the needs of the national economy, provide credit support to encouraged projects [19] or give priority to the development of high and new technology industries [20].
Den kinesiske regering udøver væsentlig kontrol over statsejede banker via regeringens allestedsnærværende indgriben i den finansielle sektor og kravet om, at statsejede banker skal følge regeringens politik.
Another sign of State involvement in the Chinese financial market is the role played by the PBOC in setting specific limits on the way interest rates are set and fluctuate.
De statsejede banker anses derfor for at være offentlige organer, da de ejer, besidder og udøver offentlig myndighed.
Financial institutions are requested to provide loan rates within a certain range of the benchmark loan interest rate of the PBOC.
Efter fremlæggelsen af oplysninger anfægtede den kinesiske regering denne konklusion, idet den hævdede, at Kommissionen ikke havde anført grundene til, at den anså statsejede banker for offentlige organer.
For preferential loans the interest rates are not allowed to float upwards.
Kommissionen finder det godtgjort, at de faktiske omstændigheder, der er anført i ovenstående betragtninger, begrunder den konklusion, at statsejede banker er offentlige organer.
Limits on the loans interest rates together with the ceilings imposed on deposit rates create a situation in which the banks have guaranteed access to cheap capital (because of the deposit rates regulation) and are able to lend to the selected industries at favourable rates in accordance with the governmental policy of directing banks to act in a particularly supportive manner to certain encouraged and/or high-tech industries, such as the filament fibre glass fibre industry.
Mens langt størstedelen af lånene til de eksporterende producenter i stikprøven stammer fra statsejede banker, viste undersøgelsen, at en mindre mængde lån ydes af privatejede banker.
The Commission sought clarifications from the government of the PRC on the definition and wording stated in the Circular 251 as well as to its preceding legislation (Circular of the PBOC concerning expansion of Financial Institution's Loan Interest Rate Float Range — YinFa [2003] No 250).
Kommissionen analyserede derfor, hvorvidt den kinesiske regering overdrager til og/eller pålægger privatejede banker i Kina at yde præferencelån til producenter af varer af glasfiberfilamenter. jf. antisubsidiegrundforordningens artikel 3, stk. 1, litra a), nr. iv).
However, as described in Section C.2.2 above, the government of the PRC did not provide these Circulars.
I banklovens artikel 34 instrueres bankerne også i at »udøve deres lånevirksomhed i henhold til nationaløkonomiens og samfundsudviklingens behov og i samme ånd som statens industripolitikker« [24].
The government of PRC claimed however that Circular 250 has been repealed by Circular 251 and that the floor lending rates have been abolished as from July 2013 and therefore there is no State involvement in the banking sector.
Undersøgelsen viste, at de rentesatser, der blev anvendt af statsejede og private banker, generelt var meget ens for så vidt angår de eksporterende producenter i stikprøven.
The abolition of the floor lending rates occurred however during the investigation period.
Dette tyder på, at statsejede banker, som er de dominerende aktører på bank- og lånemarkedet i Kina, fastsætter rentesatsen, og at private banker blot følger de satser, der fastsættes af de statsejede banker (offentlige organer).
Accordingly, the PBOC influenced the setting of interest rates by State-owned banks for the main part of the investigation period.
Under disse omstændigheder konkluderes det, at de private banker ikke fastsætter deres satser uafhængigt af statslig indgriben, og at privatejede bankers lånestrategi er pålagt af den kinesiske regering.
In addition, the investigation did not show any immediate effect from the abolition on the loans received by the sampled producers.
Efter fremlæggelsen af oplysninger anfægtede den kinesiske regering Kommissionens fortolkning af banklovens artikel 34, idet den fremførte, at »Kommissionen i artikel 34a indfortolker en mening, som tydeligvis ikke kan tilskrives den«.
In any case the floor on interest rates that existed during the investigation period is not the sole argument as to why the Commission considers State-owned banks as public bodies.
Den kinesiske regering har henledt Kommissionens opmærksomhed på andre artikler i bankloven, nemlig artikel 4, 5 og 7, som skal sikre, at lån ydes uden indblanding og efter en kreditvurdering.
The findings established in the anti-subsidy investigations concerning Solar Panels [22] and Solar Glass [23], where it was established that State-owned banks in the PRC act as public bodies (see recitals 158 to 168 of the solar panels Regulation and recital 73 of the Solar Glass regulation) are also facts available in this investigation with regard to the public body status of the state owned banks.
Kommissionen erkender, at disse artikler findes, men mener, at de bør forstås og læses i lyset af bestemmelserne i artikel 34.
These facts are summarised as follows:
Der mindes i denne forbindelse om, at hverken den kinesiske regering, bankerne eller de berørte virksomheder i stikprøven kunne påvise, at lån blev ydet uden indblanding eller med en reel kreditvurdering.
State-owned banks hold the highest market share and are the predominant players on the market in the PRC,
Tværtimod fremgik det af undersøgelsen, at en af de eksporterende producenter led tab, men den havde ikke desto mindre været i stand til at opnå lån fra banker til normale rentesatser uden noget tillæg for risiko i forbindelse med dens vanskelige finansielle situation.
on the basis of facts available State-owned banks are controlled by the government by means of ownership and administrative control of their commercial behaviour including limits on interest rates they can offer,
Kommissionen konkluderer derfor, at staten overdrager det til og pålægger privatejede banker at indrømme præferentiel finansiering på samme måde som de statsejede banker, og dette betyder derfor, at der foreligger et finansielt bidrag som omhandlet i antisubsidiegrundforordningens artikel 3, stk. 1, litra a), nr. iv).
the banking law and other laws and Regulations require banks to lend according to the needs of the national economy, provide credit support to encouraged projects, and give priority to new and high technology enterprises.
Specificitet
On the basis of the above, it is concluded that State-owned banks perform government functions on behalf of the government of the PRC, namely mandatory promotion of certain sectors of the economy in line with state planning and policy documents.
Størstedelen af de banker, der ydede lån til de samarbejdsvillige eksporterende producenter, er statsejede banker og kontrolleres i sidste instans af den kinesiske regering.
The extensive government ownership in the State-owned banks confirms that the banks are controlled by the government in the exercise of their public functions.
Disse omfatter de store forretningsbanker og politisk styrede banker i Kina såsom China Development Bank, EXIM Bank, Agricultural Bank of China, Bank of China, China Construction Bank og Industrial and Commercial Bank of China.
The government of the PRC exercises meaningful control over State-owned banks through the government's omnipresent involvement in the financial sector and the requirement for State-owned banks to follow government policies.
Kommissionen bemærker endvidere, at den kinesiske regering retter præferencelåneordninger mod et begrænset antal erhvervsgrene.
State-owned banks are therefore considered to be public bodies because they possess, are vested with, and exercise, governmental authority.
Eksempelvis fremgår det af afgørelse nr. 40, at den kinesiske regering aktivt vil støtte udviklingen af erhvervsgrenen for nye materialer, og erhvervsgrenen for varer af glasfiberfilamenter anses for at være en erhvervsgren for nye materialer.
Following disclosure the government of the PRC disputed this conclusion stating that the Commission had not set out the reasons why they considered that State-owned banks were public bodies.
Alle finansieringsinstitutter instrueres også i kun at yde kreditstøtte til tilskyndede projekter, som er den kategori, hvortil projekterne vedrørende glasfiberfilamenter hører.
The Commission is satisfied that the facts set out in the above recitals justify the conclusion that State-owned banks are public bodies.
Nævnte afgørelse lover også gennemførelse af »andre præferencepolitikker vedrørende de tilskyndede projekter«.
While the overwhelming majority of the loans received by the sampled exporting producers are provided by State-owned banks, the investigation revealed that a small amount of loans is provided by privately-owned banks.
Den kinesiske regering hævdede, at Kommissionen fejlagtigt har påberåbt sig afgørelse nr. 40, da den pågældende vare ikke er klassificeret som en tilskyndet erhvervsgren.
The Commission therefore analysed whether privately-owned banks in the PRC are entrusted and/or directed by the government of the PRC to provide preferential loans to filament glass fibre producers, within the meaning of Article 3(1)(a)(iv) of the basic anti-subsidy Regulation.
Selv hvis det antages, at erhvervsgrenen er en tilskyndet erhvervsgren, hævdede regeringen endvidere, at påberåbelsen af afgørelse nr. 40 ikke kan udvides til at omfatte en industri, som ikke er opført i afgørelse nr. 9 (»Industrial Restructuring Guidance Catalogue 2011«).
Article 34 of the banking law states that private banks are also instructed to ‘carry out their loan business upon the needs of national economy and the social development and with the spirit of state industrial policies’ [24].
De eksporterende producenter i stikprøven tilhører kategorien af tilskyndede erhvervsgrene, jf. betragtning 67-76, og erhvervsgrene med højteknologi og ny teknologi.
The investigation showed that for the sampled exporting producers the interest rates applied by State-owned and private banks were in general at very similar levels.
Særligt fiberglas og varer deraf samt ovne til E-glasfremstilling er i modsætning til regeringens påstand desuden udtrykkeligt opført i kapitel XII, punkt 6, i afgørelse nr. 9 [25].
This indicates that State-owned banks, which are the predominant actors on the banking and lending market in the PRC, set the interest rate levels and that private banks are simply following the rates set by State-owned banks (public bodies).
Påstanden er derfor ubegrundet.
In these circumstances, it is concluded that private banks do not set their rates independently from State interference and that the lending strategy of the privately owned banks is directed by the government of the PRC.
Fordel
Following disclosure the government of the PRC disputed the Commission's interpretation of Article 34 of the banking law, stating that ‘the Commission is reading into Article 34 a meaning which is clearly not attributable to it’.
Der foreligger en fordel i den udstrækning, at de statslige lån eller lån fra private organer, der har fået overdraget statslige funktioner eller er under statslig kontrol, ydes på mere favorable vilkår, end låntageren ellers kunne opnå på markedet.
The government of the PRC has drawn the Commission's attention to other articles of the Banking Law, namely Articles 4, 5 and 7, which serve to ensure that loans are made without interference and after a credit assessment.
Behovet for en referencesats
The Commission acknowledges that these Articles exist but considers that they should be understood and read in light of the provisions of Article 34.
Kommissionen søgte at efterprøve de kreditrisikovurderinger, der var foretaget af banker, der lånte penge til de eksporterende producenter i stikprøven i undersøgelsesperioden.
In this respect it is recalled that neither the government of the PRC, nor the banks or the sampled companies concerned were able to demonstrate that loans were made without interference or with a proper credit assessment.
Kommissionen har derfor grund til at anfægte, hvorvidt lån til virksomheder for glasfiberfilamenter var baseret på en indgående risikovurdering, og til at anfægte den rentesats, der blev fastsat i den forbindelse.
On the contrary, the investigation revealed that one of the exporting producers was incurring losses but nevertheless succeeded in receiving loans from banks at normal interest rates without any mark-up for risk related to its difficult financial situation.
Da de kinesiske bankers udlån afspejler væsentlig statslig indgriben i banksektoren og ikke afspejler rentesatserne på et fungerende bankmarked, blev der beregnet en egnet markedsreferencesats ud fra den nedenfor beskrevne metode.
The Commission therefore concludes that privately owned banks are entrusted or directed by the government to provide preferential financing in a similar manner that the one provided by State-owned banks and thus, a financial contribution exists within the meaning of in Article 3(1)(a)(iv) of the basic anti-subsidy Regulation.
Som følge af den kinesiske regerings manglende samarbejdsvilje har Kommissionen endvidere måttet gøre brug af de foreliggende faktiske oplysninger for at beregne en egnet referencerentesats.
Specificity
Ved beregningen af en passende reference for lån i RMB anses det for rimeligt at anvende de kinesiske rentesatser, som justeres, så de afspejler en normal markedsrisiko.
With respect to the banks that provided loans to the cooperating exporting producers, the majority of them are State-owned banks and ultimately controlled by the government of the PRC.
I en situation, hvor eksportørernes aktuelle finansielle tilstand er blevet konstateret på et forvredet marked for banklån, og der ikke foreligger nogen pålidelige oplysninger fra de kinesiske banker om målingen af risikoen og udarbejdelsen af kreditvurderinger, anses det for nødvendigt ikke at tage de kinesiske eksportørers kreditværdighed for pålydende, men at foretage en opjustering, som afspejler det forvredne kinesiske markeds potentielle indvirkning på deres finansielle situation.
These include the major commercial and policy banks in the PRC like the China Development Bank, the EXIM Bank, the Agricultural Bank of China, the Bank of China, the China Construction Bank and the Industrial and Commercial Bank of China.
Det samme gælder for lån denomineret i udenlandsk valuta.
Moreover, the Commission notes that the government of the PRC directs preferential lending to a limited number of industries.
BB-forrentede erhvervsobligationer med relevante pålydender, der er udstedt i UP, blev benyttet som referenceværdi.
For instance, Decision No 40 states that the government of the PRC will actively support the development of new materials industries and the filament glass fibre industry is considered as a new material industry.
Som forklaret ovenfor blev både den kinesiske regering og de samarbejdsvillige eksporterende producenter anmodet om at fremlægge oplysninger om de kinesiske bankers udlånspolitik og om, hvordan lånene blev indrømmet de eksporterende producenter.
Also, all financial institutions are instructed to provide credit support only to encouraged projects, the category in which the filament glass fibre projects belong.
Sådanne oplysninger blev dog ikke forelagt.
That decision also promises the implementation of ‘other preferential policies on the encouraged projects’.
I lyset af den manglende samarbejdsvilje, de foreliggende faktiske oplysninger og i henhold til antisubsidiegrundforordningens artikel 28, stk. 6, skønnes det korrekt at antage, at alle virksomheder i Kina kun tildeles den højeste rating for »non-investment grade«-obligationer (BB hos Bloomberg), og at anvende den »merpræmie«, der normalt er forbundet med obligationer udstedt af virksomheder med denne rating, på den kinesiske nationalbanks almindelige udlånssats.
The government of the PRC claimed the Commission wrongfully relied on decision 40 since the product concerned is not classified as an encouraged industry.
Til beregning af referencerentesatsen for lån til virksomhederne i stikprøven i UP blev en risikopræmie derfor beregnet ved at anvende forskellen mellem rentesatserne for obligationer udstedt af virksomheder med BB-rating og obligationer udstedt af virksomheder med AAA-rating (som er kreditvurderingen for obligationer udstedt af den kinesiske regering), som registreret af Bloomberg.
Moreover even if it was accepted that the industry is encouraged the government claimed that the reliance on Decision No 40 cannot extend to an industry which is not listed in Decision No 9 (‘Industrial Restructuring Guidance Catalogue 2011’).
Denne risikopræmie blev derefter lagt til PBOC's offentliggjorte udlånsrenter for BB-ratede obligationer under hensyn til lånenes løbetid.
The sampled exporting producers belong to the categories of encouraged industries as established above (recitals 67-76) as well as to the high and new technology industries.
Fordelen for de eksporterende producenter blev derefter beregnet som forskellen mellem den faktisk betalte rente i UP af virksomhederne og den rente, der ville være blevet betalt, hvis referencerentesatsen var blevet anvendt på lånene.
In addition, contrary to the government's claim, special fibre glass and its products as well as furnaces for e-glass production are explicitly listed in Chapter XII point 6 of Decision No 9.
Fordelen blev derefter udtrykt som en procentdel af hver af de samarbejdsvillige eksporterende producenters samlede omsætning.
The claim is therefore unfounded.
Desuden hævdede den kinesiske regering, at Kommissionens valg af netop denne referencesats ikke var tilstrækkeligt begrundet.
The necessity to rely on a benchmark
Ved beregningen af en passende reference for lån mener Kommissionen, at det er rimeligt at anvende de kinesiske rentesatser, som justeres, så de afspejler en normal markedsrisiko.
The Commission purported to verify the credit risk assessments carried out by the banks that lent money to the sampled exporting producers during the investigation period.
I en situation, hvor eksportørernes aktuelle finansielle tilstand er blevet konstateret på et forvredet marked, og der ikke foreligger nogen pålidelige oplysninger fra de kinesiske banker om målingen af risikoen og udarbejdelsen af kreditvurderinger, anses det for nødvendigt at foretage en opjustering, som afspejler det forvredne kinesiske markeds potentielle indvirkning på deres finansielle situation.
Some of the exporting producers were incurring losses.
Konklusion
They nevertheless succeeded in receiving loans from banks at the benchmark rate without any mark-up for risk related to their worsening financial situation.
Ud fra undersøgelsens resultater konkluderer Kommissionen, at erhvervsgrenen for varer af glasfiberfilamenter i Kina nød godt af præferencelån i UP både fra statsejede banker og fra private banker.
Therefore, the Commission has reasons to question whether loans to filament glass fibre companies were based on a diligent risk assessment, and the interest rate set as a result of such an exercise.
Finansieringen af erhvervsgrenen for varer af glasfiberfilamenter udgør et subsidie i henhold til antisubsidiegrundforordningen, da
As explained above, since the loans provided by Chinese banks reflect substantial government intervention in the banking sector and do not reflect rates that would be found in a functioning banking market, an appropriate market benchmark has been constructed using the method described below.
staten yder et finansielt bidrag, jf. artikel 3, stk. 1, litra a), nr. i),
Furthermore, due to the lack of cooperation by the government of the PRC, the Commission has also resorted to facts available in order to establish an appropriate benchmark interest rate.
staten overdrager eller pålægger varetagelse af funktioner, jf. artikel 3, stk. 1, litra a), nr. iv), og
When constructing an appropriate benchmark for RMB denominated loans, it is considered reasonable to apply Chinese interest rates, adjusted to reflect normal market risk.
der derved opnås en fordel, jf. artikel 3, stk. 2.
Indeed, in a context where the exporters' current financial state has been established in a distorted market of bank loans and there is no reliable information from the Chinese banks on the measurement of risk and the establishment of credit ratings, it is considered necessary not to take the creditworthiness of the Chinese exporters at face value, but to apply a mark-up to reflect the potential impact of the Chinese distorted market on their financial situation.
Da der er tale om et finansielt bidrag, en fordel for eksporterende producenter og specificitet, betragtes dette subsidie som udligningsberettiget.
The same situation applies for the loans denominated in foreign currencies.
Beregning af subsidiebeløbet
The BB rated corporate bonds with relevant denominations issued during the IP were used as a benchmark.
Ifølge antisubsidiegrundforordningens artikel 6, litra b), bør fordelen ved præferencelån beregnes som forskellen mellem den rente, der er betalt, og den rente, der ville skulle betales for et tilsvarende lån på markedsvilkår, som virksomheden faktisk kunne opnå på markedet.
As explained above, both the government of the PRC and the cooperating exporting producers were requested to provide information on the lending policies of the Chinese banks and the way loans were attributed to the exporting producers.