natgillin/translations-raw huggingface dataset:
Den kinesiske regering henviste også til de bemærkninger, som den havde fremsat med hensyn til betragtning 172 i den oprindelige forordning, og som allerede var blevet behandlet i den oprindelige forordning.
As far as the alleged misinterpretation of the abolition is concerned, the Commission fails to see how the fact that a floor lending rate is abolished could prevent banks from providing preferential lending if the floor lending rate was in any case down to 30 % below the benchmark rate.
Endvidere anførte den, at med udgangspunkt i rapporten fra appelorganet om US-Aircraft (anden klage) bør analysen af specificitet ikke kun fokusere på »de bestemte modtagere, der er identificeret i klagen, men... også på alle virksomheder eller erhvervsgrene, der er berettigede til at modtage samme subsidie« [39], og at det fremgår af panelets rapport vedrørende US-Aircraft [40], at et subsidie for at være specifikt skal tildeles en tilstrækkelig begrænset »gruppe« af virksomheder eller erhvervsgrene, og at dette kræver mere end en simpel påvisning af, at ikke alle virksomheder eller erhvervsgrene var berettigede til at modtage subsidiet.
As far as the absence of requirement for banks to offer market-based lending interest rates, the Commission fails to see how forcing banks to operate according to free market principles can be considered as imposing specific policies on banks.
I den forbindelse anføres det, at de bemærkninger, der var blevet fremsat af den kinesiske regering i den oprindelige undersøgelse, blev analyseret og behandlet i den oprindelige forordning, og at konklusionerne i den oprindelige undersøgelse ikke blev anfægtet ved EU's domstole.
Such practices do not stem from a specific policy but rather from creating a financial framework where market-based principles apply.
For så vidt angår henvisningerne til rapporterne fra appelorganet og panelet, henvises der til de dokumenter, der blev nævnt i betragtning 172 i den oprindelige forordning og til ovennævnte dokumenter.
As far as Article 38 of the Bank law is concerned and as indicated by the GOC in its questionnaire reply, the Commission understands that all financial entities in the PRC shall strictly follow the Bank law and fails to see how any alleged permissiveness can be compatible with such legal principle.
I den forbindelse er Kommissionen af den opfattelse, at henvisningerne til solcelleindustrien er tilstrækkeligt entydige, da erhvervsgrenen er identificeret, enten ved sit navn eller ved en klar henvisning til den vare, der fremstilles, eller den koncern, som den tilhører.
In any case, the fact that the floor lending rate would be abolished is not incompatible with the fact that PV companies would benefit preferential lending.
På grundlag af materialet i sagen konkluderes det, at subsidierne i form af fordelagtige låneordninger ikke er almindeligt tilgængelige, og at de dermed er specifikke, jf. grundforordningens artikel 4, stk. 2, litra a).
As far as the theory of correlation between the PBOC rates and the LPR is concerned, the Commission notes that the presented statistics were not supported by underlying calculations and that they can therefore not be taken into account.
Desuden fremlagde ingen af de interesserede parter beviser for, at subsidierne er baseret på objektive kriterier eller betingelser, jf. grundforordningens artikel 4, stk. 2, litra b).
Should such statistics be accurate, the Commission fails to see the relevance of such statistics to demonstrate that the correlation analysis between the PBOC and the LPR is (allegedly) erroneous.
Baseret på oplysninger om lån og kreditlinjer fra de eksporterende producenter i stikprøven og de begrænsede oplysninger fra de fire banker har Kommissionen på grundlag af de foreliggende faktiske oplysninger konstateret, at de statsejede banker i realiteten og i praksis udøver statslig myndighed, og disse banker udfører deres låneforretninger i henhold til nationaløkonomiens og samfundsudviklingens behov og ud fra vejledningen i de industripolitikker, som er fastsat i artikel 34 i bankloven.
As far as the legal and economic environment is concerned, the Commission hereby refers to conclusions drawn above at recital 139 on the basis of Article 34 of the Banking law.
En fordel som omhandlet i grundforordningens artikel 3, stk. 2 og artikel 6, litra b), opstår, når de statslige lån eller lån fra private organer, der har fået overdraget eller pålagt statslige funktioner, ydes på mere favorable vilkår, end låntageren ellers ville kunne opnå på markedet.
The fact that banks exercise government authority is also confirmed by way of Articles 7 and 15 of the General Rules on Loans (implemented by the PBOC), which regulate Self-made loans, commissioned loans and special-purpose loans (Article 7) and Interest subsidization on loans (Article 15) and Decision 40.
Ikkestatslige lån i Kina udgør ikke en egnet markedsreference, da det er blevet fastslået, at det kinesiske finansmarked er fordrejet (se betragtning 225 og 226).
There is also a great deal of evidence, supported by independent studies and reports, that a large amount of government intervention is still present in the Chinese financial system as already explained in recitals 172 and 178 of the original Regulation.
Referencesatserne er derfor blevet beregnet ud fra metoden i betragtning 246-248.
Following disclosure, the GOC indicated that special loans referred to in Article 7 of the General Rules on Loans mentioned above were eliminated in 1999 based on a Circular on Improving the Administration of Special Loans (YINFA [1999] No. 228) and that Article 15 had become irrelevant as the PBOC no longer sets the upper and lower limits of loans.
Denne referencesats viser, at der ydes lån til solcelleindustrien på betingelser, der ligger under markedsvilkårene.
The GOC also alleged that the Commission had misinterpreted Article 34 of the Bank law which allegedly bears no relation to the national policies, encouraged industries, strategic industries, emerging industries to address preferred industries and sectors.
Som fastslået i betragtning 191 i den oprindelige forordning tilhører solcelleindustrien den tilskyndede kategori ifølge beslutning nr. 40.
It also referred to Articles 4, 5, 7 and 35 of the Bank law relating allegedly to the bank's autonomy, the lack of interference by entities or individuals, governments and the examination of the credibility of the borrowers.
Beslutning nr. 40 er ikke blevet ændret siden da, og den fastsætter bindende regler for alle økonomiske institutioner i form af direktiver om fremme af og støtte til tilskyndede industrier, herunder solcelleindustrien.
The GOC further commented that Article 34 should not be read in isolation.
Som forklaret i betragtning 172 i den oprindelige forordning indrømmer den kinesiske regering fordelagtige låneordninger til et begrænset antal industrier, og solcelleindustrien er en af dem.
Eventually, the GOC also indicated that the Commission did not explain how Decision 40 demonstrates that banks exercise government authority and referred to the preamble and to Article 17 of such Decision.
På baggrund af ovenstående kan der drages den samme konklusion, dvs. at myndighederne kun tillader de finansielle institutioner at yde præferencelån til et begrænset antal erhvervsgrene/virksomheder, der følger den kinesiske regerings relevante politikker.
It also added that this Decision basically covers the whole Chinese economy and pertained to the 11th Five-Year period.
På grundlag af beviserne i sagen og som følge af den kinesiske regerings manglende samarbejdsvilje om dette spørgsmål konkluderes det, at subsidierne i form af fordelagtige låneordninger ikke er almindeligt tilgængelige og dermed er specifikke, jf. grundforordningens artikel 4, stk. 2, litra a).
The Commission acknowledges that special loans were eliminated in 1999.
Undersøgelsen viste, at alle de eksporterende producenter i stikprøven havde fordel af fordelagtige låneordninger i NUP.
That Article says: ‘In accordance with the State's policy, relevant departments may subsidize interests on loans, with a view to promoting the growth of certain industries and economic development in some areas.’
I overensstemmelse hermed bør finansieringen af solcelleindustrien betragtes som subsidiering.
It remains relevant even after the end of floor and ceiling rates.
Da der er tale om et finansielt bidrag, en fordel for de eksporterende producenter og specificitet, bør subsidieringen betragtes som udligningsberettiget.
In any event, Article 38 of the Bank law still refers to limits and may at any point in time be re-activated, as explained in recital 199.
Beregning af subsidiebeløbet
As far as the Bank law is concerned, it should first be noted that Articles 4, 5 and 7 belong to ‘Chapter I General provisions’ while Articles 34 and 35 belong to ‘Chapter IV Basic Rules for Loans and Other Business Operations’.
I henhold til den metode, der anvendtes i den oprindelige undersøgelse, beregnes det udligningsberettigede subsidiebeløb som den fordel, som det konstateredes, at modtagerne havde opnået i NUP.
As far as Article 4 is concerned, the Commission does not consider that a provision for banks to carry out ‘business free from any interference by entities or individuals’ is incompatible with the fact that State-owned banks are public bodies or, in the alternative, are entrusted and directed to exercise government authority.
Ifølge grundforordningens artikel 6, litra b), anses fordelen for modtagerne for at være forskellen mellem det rentebeløb, virksomheden, der modtager lånet, betaler for statslånet, og det beløb, som den pågældende virksomhed ville skulle betale for et tilsvarende lån på markedsvilkår, som den faktisk kunne opnå på markedet.
Indeed, the Commission verified the business operations and decision-making processes for financial services at four State-owned banks.
Da de kinesiske bankers udlån afspejler en væsentlig statslig indgriben i banksektoren, jf. betragtning 236-241, og ikke afspejler rentesatserne på et fungerende marked, blev der beregnet en egnet markedsreference efter nedenstående metode.
As no relevant information could be obtained for other banks, the findings for those banks have to be extended, on the basis of facts available, to all other State-owned banks.
Som følge af den kinesiske regerings manglende samarbejdsvilje har Kommissionen endvidere måttet gøre brug af de foreliggende faktiske oplysninger for at beregne en passende referencerentesats.
Furthermore, as essential information requested by the Commission from those four banks was not provided, in particular details on credit risk assessment, the Commission had to apply facts available also when making findings based on the questionnaire replies and the verification visits at those four banks.
Ligesom i den oprindelige undersøgelse anses det ved beregningen af en passende reference for lån i RMB for rimeligt at anvende de kinesiske rentesatser, som justeres, så de afspejler en normal markedsrisiko.
The GOC also referred to Article 4 of the Bank law whereby ‘The business operations of commercial banks shall be governed by the principles of safety, liquidity and efficiency.
I en situation, hvor eksportørernes aktuelle finansielle situation er blevet konstateret på et fordrejet marked, og hvor 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 fordrejede kinesiske markeds potentielle indvirkning på deres finansielle situation.
Commercial banks shall make their own decisions regarding their business operations, take responsibility for their own risks, assume sole responsibility for their profits and losses and exercise self-restriction.
Der anvendes følgende referencer [41]:
Commercial banks shall, pursuant to law, conduct business operations without interference from any unit or individual.
Periode
Commercial banks shall independently assume civil liability with their entire legal person property’.
Reference i RMB (%)
In the present case, during the on-the-spot verification, the Commission, not only legally, but also de facto, was not in a position to confirm the accuracy of the claim that banks do not take government policy and plans into account while making lending decisions.
op til 1 år
Indeed, the Commission was not provided a single creditworthiness assessment for the PV industry and for the RIP.
1-5 år
The Commission does not consider that Article 4 of the Bank law prevents commercial banks from taking government industrial policy and plans into account as this article relates to the principles governing business operations.
over 5 år
This is also confirmed by Article 34 of the Bank law.
Ligesom for lån i fremmed valuta gælder der en tilsvarende situation med hensyn til markedsfordrejninger og manglende gyldige kreditvurderinger, eftersom disse lån også ydes af kinesiske banker.
Contrary to the claim by the GOC that the Commission ‘brushed away the legal framework within which banks are operating’, the Commission rather made a careful analysis of that legal framework and could also establish a clear link between this legal framework and the operations of these financial institutions as evidenced by their annual reports.
Som i den oprindelige undersøgelse blev BB-forrentede erhvervsobligationer med relevante pålydender, der er udstedt i NUP, benyttet til at bestemme følgende referencer [42]:
The GOC also referred to Article 5 of the Bank law, deriving from it that there would be ‘no interference by local governments and government departments at various levels, public organizations or individuals in the business operations of the banks.’
Valuta
However, the actual text of Article 5 of the Bank law reads as follows: ‘Commercial banks shall adhere to the principles of equality, voluntariness, fairness and good faith in business dealings with their clients’.
Reference (%)
For the Commission, this formulation does not shield banks from their duty to apply policy considerations as set out in Article 34.
Efter fremlæggelsen af oplysninger gjorde den kinesiske regering indsigelse mod en opjustering med henblik på at fastlægge referencen for RMB-lån og udtalte, at Kommissionen ikke havde noget faktisk grundlag for at mene, at de stikprøveudvalgte virksomheder bør tildeles en »BB«-rating i betragtning af deres resultater og oplysninger om rentabilitet og antydede, at denne situation gjorde sig gældende for hele sektoren.
Articles 7 and 35 of the Bank law relate to the examination of the creditworthiness, purpose of the loan and credit approval chain.
Regeringen gjorde også indsigelse mod den metode, der blev anvendt til at fastlægge referencen for lån i EUR og USD, med den begrundelse, at PBOC ikke fastsatte den nedre udlånsrente for lån i disse valutaer, og at bankerne kan yde disse lån til en hvilken som helst rentesats.
As far as these matters are concerned and as indicated in recitals 128, 143, 155 and 171, the cooperating banks did not provide documents in support of their claims such as those relating to creditworthiness or the approval process.
Den henviste også til en samarbejdsvillig producent, hvis beregnede referencesats var lavere end den rente, som alle lån blev ydet til.
On the basis of facts available, such Articles can therefore not be considered to contradict the interpretation of Article 34 established by the Commission.
For så vidt angår opjusteringen og den anvendte kreditvurdering, modtog Kommissionen ingen retningslinjer fra de banker, som den bruger til kreditvurdering af virksomheder.
As far as Decision 40 is concerned and as indicated in recital 102 of the original investigation, it is first noted that this Decision suggests that the GOC will actively support the development of new energy industry and expedite the development of solar energy, instructs all financial institutions to provide credit support only to encouraged projects (the category in which the PV projects belong) and promises the implementation of ‘other preferential policies on the encouraged projects’.
Endvidere var de få dokumenter, som virksomhederne selv fremlagde, ikke pålidelige med henblik på vurderingen af deres kreditværdighed.
On the basis of the above and especially the fact that banks are instructed to provide credit support to the PV sector, it is considered that Decision 40 demonstrates that banks exercise government authority.
Navnlig én virksomhed indsendte en kreditvurdering vedrørende en af dennes mange virksomheder, som ikke er aktiv i solcellesektoren.
As far as Article 17 of such Decision is concerned and the fact that credit principles should be respected, the Commission does not consider such condition as incompatible with the fact that banks exercise government authority.
En anden virksomhed fremlagde et dokument, som ikke var udstedt af en bank, men af et betalt kreditvurderingsbureau.
As far as the claim that Decision 40 covers the whole Chinese economy, the Commission notes that this Decision refers to the Guiding Catalogue of the Industrial Restructuring which itself makes a distinction between three types of industries; i.e. encouraged, limited and eliminated projects.
Et tredje dokument var allerede blevet forkastet i den oprindelige undersøgelse, da det ikke tilførte sagen nye elementer.
Furthermore, the ‘encouragement content’ is also defined in this Decision.
For så vidt angår lån i EUR og USD, henvises der til betragtning 237, som omhandler markedsdrejninger.
As far as the reference to the ‘11th Five-Year plan’ is concerned, it is noted that such plan has been replaced by the 12th and more recently by the 13th Five-Year plans.
Disse fordrejninger berettiger, at der også for disse lån anvendes en ekstern reference.
It is also noted that Decision 40 has not been repealed and is therefore still valid.
For så vidt angår den samarbejdsvillige producent, som den kinesiske regering henviste til, blev denne påstand ikke understøttet af oplysningerne i sagen.
Nothing in Chinese law indicates that reading the reference to the 11th Five-Year plan as dynamic reference would be inappropriate.
En eksporterende producent bemærkede, at PBOC's rente er den korrekte reference til at undersøge, om der ydes lån på præferencevilkår.
Furthermore, the following observations can be made.
Men PBOC's rente vedrører bl.a. udlån på interbankmarkedet.
The original investigation [35] had concluded that the Chinese financial market was distorted in various ways; i.e. State-ownership combined with the distortions of the Chinese financial market and with the GOC's policy to direct cheap money towards selected industries (thus undermining the level playing field in international trade and providing unfair advantage to Chinese producers), limitations with regard to interest rate setting, access to cheap capital, lending policy according to the needs of the national economy, preferential access to credit for encouraged projects and/or high and new technology industries, access to cheap foreign exchange State reserves and privileged financing means for the China Development Bank (CDB).
Det er imidlertid ikke en passende reference for udlån til virksomheder i solcelleindustrien i betragtning af omstændighederne i denne undersøgelse og specielt, da det af det ovenstående fremgår, at referencesatsen bør gælde for virksomheder med en BB-rating, mens bankerne typisk har en langt bedre rating, hvis de ønsker at få adgang til udlån på interbankmarkedet.
Except for the alleged interest rate reform that has been addressed in (197) to (201), the GOC did not provide any evidence in the course of this investigation that the situation has changed.
Denne part bemærkede også, at Kommissionen ikke havde foretaget et fradrag i fordelen for de få lån, der blev ydet over den beregnede referencesats.
The investigation did not either bring to light any element contradicting the above findings.
Som i den oprindelige undersøgelse blev det imidlertid fastslået, at sådanne lån bør ikke have nogen indvirkning på beregningen.
The conclusions drawn in the original investigation remain valid also in the RIP and are therefore confirmed.
Endelig har den eksporterende producent fremført, at den bør behandles anderledes end andre virksomheder i stikprøven, idet den ikke længere betragtede sin finansielle situation som en BB-rating.
These conclusions make it clear that the financial sector is encouraged to contribute to the strategies designed by the Government authorities.
Da Kommissionen anvendte en BB-rating for samtlige virksomheder (som det var tilfældet i den oprindelige undersøgelse, og som forklaret i betragtning 256), blev denne påstand imidlertid afvist.
As far as the interference of the GOC to influence rates is concerned, this issue has already been dealt with in recitals 197, 198, 206 and 207.
En eksporterende producent i stikprøven påpegede, at nogle af dens udlån udelukkende vedrørte eksportaktiviteter.
As far the findings established in the original investigation are concerned, it is noted that the comments raised by the GOC in the original investigation were analysed and addressed in the original Regulation and that the conclusions drawn in the original investigation in this respect were not challenged in court.
Dette forhold blev taget i betragtning ved beregningen af fordelen i forbindelse med sådanne lån.
Furthermore, the GOC did not submit any evidence that could overturn the conclusion reached in the original investigation, neither did the investigation bring to light any elements of such nature.
Med hensyn til ovenstående blev både den kinesiske regering og de eksporterende producenter i stikprøven anmodet om at fremlægge oplysninger om de kinesiske bankers udlånspolitik og om, hvordan lånene blev indrømmet de eksporterende producenter, jf. forklaring i betragtning 47, 107 og 110.
In this context, the Commission fails to see on which grounds such findings cannot form part of the basis on which the Commission relied to draw its conclusions in the current investigation.
Selv om Kommissionen anmodede om det flere gange, blev disse oplysninger ikke fremlagt.
In addition, and as found in the original investigation [36], even if the State-owned banks were not considered to be public bodies, they would also be considered as entrusted and directed by the GOC to carry out functions normally vested in the government, within the meaning of Article 3 (1)(a)(iv) of the basic Regulation.
I betragtning af den manglende samarbejdsvilje og alle foreliggende faktiske oplysninger og i henhold til bestemmelserne i grundforordningens artikel 28, stk. 6, anses det for hensigtsmæssigt, ligesom i den oprindelige undersøgelse, at antage, at alle solcelleproducenter i Kina kun tildeles den højeste grad af »Non-investment grade«-obligationer (BB hos Bloomberg), og at anvende den egnede præmie, der forventes på obligationer udstedt af virksomheder med denne rating, på den kinesiske nationalbanks almindelige udlånssats.
Private banks
Det blev fremført, at kreditvurderingen af den kinesiske solcelleindustri burde nedklassificeres fra BB til C eller derunder i lyset af »de faktiske misligholdelser og selv de største kinesiske producenters meget svage regnskaber«.
Since the share of loans provided by private banks in the PRC to the three sampled exporting producers was insignificant and none of the private banks in the PRC submitted a questionnaire reply, no additional findings were made in this respect.
Denne påstand må afvises, da intet i de foreliggende informationer tyder på, at solcelleindustrien er i en dårligere eller bedre situation end i den oprindelige undersøgelse.
Accordingly, the Commission decided to eliminate the marginal benefit arising from these loans from the subsidy calculation.
Det blev derfor anset for hensigtsmæssigt at fastholde den metode, der blev anvendt i den oprindelige undersøgelse.
Therefore, the Commission did not have to address the GOC comments in this regard.
Som følge heraf er fordelen for de eksporterende producenter i stikprøven beregnet ved at tage rentedifferencen udtrykt som en procentdel ganget med det udestående beløb på lånet, dvs. den rente, der ikke blev betalt i løbet af NUP.
Specificity