natgillin/translations-raw huggingface dataset:
Denne ikke-udtømmende liste over ansvarsområder illustrerer statens institutionelle kontrol med BOC's daglige virksomhed.
Concerning the formal indicia of government control of the three cooperating state-owned banks, the Commission qualified all of them as ‘key State-owned financial institutions’.
Desuden gælder de nye bestemmelser om CCP's rolle, der er omhandlet i betragtning 181, også for BOC.
In particular, the notice ‘Interim Regulations on the Board of Supervisors in Key State-owned Financial Institutions’ states that: ‘The key State-owned financial institutions mentioned in these Regulations refer to State-owned policy banks, commercial banks, financial assets management companies, securities companies, insurance companies, etc. (hereinafter referred to as State-owned financial institutions), to which the State Council dispatches boards of supervisors’.
Tegn på, at den kinesiske regering har udøvet betydelig kontrol med ledelsen af disse institutioner.
The Board of Supervisors of the key State-owned financial institutions is appointed according to the ‘Interim Regulations of Board of Supervisors of State-owned Key Financial Institutions’.
Artikel 34 i Law of the PRC on Commercial Banks (»banklov«)
EXIM was formed and operates in accordance with ‘The Notice of Establishing Export-Import Bank of China’ issued by the State Council, as well as the Articles of Association of EXIM.
Artikel 15 i the General Rules on Loans (gennemført af People's Bank of China)
According to its Articles of Association, the State directly nominates the management of EXIM.
Kapitel 4 i den 13. petrokemiske femårsplan
The Board of Supervisors is appointed by the State Council in accordance with the ‘Interim Regulations on the Boards of Supervisors in Key State-owned Financial Institutions’ (State Council Decree No 282) and other laws and regulations, and it is responsible to the State Council.
Afgørelse nr. 40
The Articles of Association also mention that the Party Committee of EXIM plays a leading and political core role to ensure that policies and major deployment of the Party and the state are implemented by EXIM.
Præambelen til politikken vedrørende dækindustrien
The Party's leadership is integrated into all aspects of corporate governance.
Implementing Measures of the China Banking Regulatory Commission (»CBRC«) for Administrative Licensing Matters for Chinese-funded Commercial Banks (Order of the CBRC [2017] No.1)
The Articles of Association further state that EXIM is dedicated to supporting the development of foreign trade and economic cooperation, cross-border investment, the One Belt One Road Initiative, cooperation in international capacity and equipment manufacturing.
Implementing Measures of the CBRC for Administrative Licensing Matters relating to Foreign-funded Banks (Order of the CBRC [2015] No.4)
Its scope of business includes short-term, medium-term and long-term loans as approved and in line with the state's foreign trade and ‘going out’ policies, such as export credit, import credit, foreign contracted engineering loans, overseas investment loans, Chinese government foreign aid loans and export buyer loans.
Administrative Measures for the Qualifications of Directors and Senior Officers of Financial Institutions in the Banking Sector (CBRC [2013] No.3)
As mentioned in Article 137 of ABC's Articles of Association, the GOC, in its capacity of main shareholder holding 79,62 %, has the power to appoint all of the Directors in the Board of Directors.
Ved en gennemgang af disse forskrifter konstaterede Kommissionen, at finansielle institutioner i Kina opererer inden for en generel retlig ramme, der pålægger dem at tilpasse sig til den kinesiske regerings industripolitiske målsætninger, når de træffer økonomiske beslutninger, af følgende årsager.
The same applies to the Board of Supervisors according to Article 204 of the Articles of Association.
Med hensyn til EXIM er det offentlige politiske mandat fastlagt i meddelelsen om oprettelse af Export Import Bank of China samt i vedtægterne.
Moreover, according to ABC's Articles of Association, the Board of Directors determines the strategy of the bank, decides on the budget of the bank, takes investment decisions, appoints the President and the Board Secretary of the bank, and establishes and monitors the risk management system of the bank.
Desuden er der i artikel 15 i de generelle regler om lån fastsat følgende: »I overensstemmelse med statens politik, kan bestemte tjenester subsidiere renter på lån for at fremme væksten af visse industrier og den økonomiske udvikling i nogle områder.«
This non-exhaustive list of responsibilities illustrates the institutional control of the State on ABC's daily business.
Efter fremlæggelsen af oplysningsdokumentet bemærkede den kinesiske regering, at Kommissionen havde fejlfortolket banklovens artikel 34.
The Commission also found that state-owned financial institutions, including ABC and BOC, have changed their Articles of Associations in 2017 to increase the role of the China Communist Party (‘CCP’) at the highest decision-making level of the banks.
Artikel 34 skal ikke læses alene, og artikel 4, der er en del af de almindelige bestemmelser, har en overordnet virkning i forhold til lovens resterende artikler.
These new Articles of Association stipulate that:
Resultaterne af denne undersøgelse (samt Kommissionens konklusioner i tidligere undersøgelser vedrørende samme subsidieordning) støttede imidlertid ikke påstanden om, at bankerne ikke tager regeringens politik og planer i betragtning, når der træffes udlånsbeslutninger.
the Chairman of the Board of Directors shall be the same person as the Secretary of the Party Committee;
Det bekræftede snarere det modsatte, som beskrevet i betragtning 202-206.
the CCP's role is to ensure and supervise the Bank's implementation of policies and guidelines of the CCP and the State; as well as to play a leadership and gate keeping role in the appointment of personnel (including senior management); and
Kommissionen fandt derfor, at banklovens artikel 4 ikke forhindrede forretningsbankerne i at tage hensyn til regeringens industripolitik og -planer.
the opinions of the Party Committee shall be heard by the Board of Directors for any major decisions to be taken.
Den kinesiske regering anmodede også om, at man ser bort fra artikel 15 i de generelle regler om lån, da de var blevet udarbejdet for over 20 år siden og ikke har været i brug i en lang periode.
As mentioned in Article 125 of the Articles of Association, the GOC, in its capacity of main shareholder holding 64,63 %, has the power to appoint both the executive and the non-executive Directors of the bank, which constitute the Board of Directors.
Den kinesiske regering erkendte dog samtidig, at de generelle regler om lån endnu ikke formelt var blevet ophævet.
Moreover, according to BOC's Articles of Association, the Board of Directors decides, inter alia, the financial institution's strategic principles, business plans and major investment plans, appoints or dismisses senior staff such as the President and Secretary of the Board, the Vice President, and other senior management personnel.
Kommissionen fandt derfor, at dens henvisning til de generelle regler om lån fortsat er gyldig.
The Board further decides on the implementation of resolutions at the shareholders' meeting, and approves corporate governance policies.
Statens industripolitik fastlægges via den centrale planlægning, jf. afsnit 3.1.
This non-exhaustive list of responsibilities illustrates the institutional control of the State on BOC's daily business.
Med hensyn til dækindustrien giver kapitel 5 i den 13. petrokemiske femårsplan mulighed for at: »Styrke sammenhængen mellem finans-, beskatnings-, handels- og industripolitikkerne.
In addition, the new stipulations concerning the role of the CCP mentioned in recital (181) above also apply to BOC.
Gennemførelse af politikker for etablering af forbindelser mellem banker og virksomheder og for produktionssamarbejde.
Evidence showing that the Government exercised meaningful control over the conduct of those institutions
Styrke finansieringsstøtten til nøglevirksomheder og -projekter.
The Commission further sought information about whether the GOC exercised meaningful control over the conduct of the three cooperating state-owned banks with respect to their lending policies and assessment of risk, where they provided loans to the tyres industry.
Udnytte de eksisterende særlige kanaler for kapital (særlige projekter og fonde osv.) for at støtte industriel opgradering og teknisk genopbygning.«
The following regulatory documents have been taken into account in this respect:
Desuden vil politikken for dækindustrien »danne grundlag for alle relevante tjenester« vedrørende »kreditfinansiering til sådanne dækindustriprojekter.«
Article 34 of the Law of the PRC on Commercial Banks (‘Bank law’);
Afgørelse nr. 40 bekræfter således den tidligere konklusion med hensyn til bankloven om, at bankerne udøver statslig myndighed i form af præferencelånstransaktioner.
Article 15 of the General Rules on Loans (implemented by the People's Bank of China)
Som svar på oplysningsdokumentet bemærkede den kinesiske regering, at afgørelse nr. 40 kun tillader kreditstøtte, hvis den er baseret på principperne om långivning.
Chapter 4 of the 13th Five-year Petrochemical Plan,
Kommissionen fandt også, at China Banking and Regulatory Commission (»CBRC«) har omfattende godkendende myndighed for alle aspekter af forvaltningen af alle finansielle institutioner, der er etableret i Kina (herunder privatejede og udenlandsk ejede finansielle institutioner), såsom:
Implementing Measures of the China Banking Regulatory Commission (‘CBRC’) for Administrative Licensing Matters for Chinese-funded Commercial Banks (Order of the CBRC [2017] No 1)
godkendelse af udnævnelsen af alle ledere af finansielle institutioner, både i hovedkvarteret og i de lokale filialer.
Implementing Measures of the CBRC for Administrative Licensing Matters relating to Foreign-funded Banks (Order of the CBRC [2015] No 4)
Der kræves CBRC's godkendelse for at kunne ansætte på alle ledelsesniveauer, fra de højeste stillinger til filialledere, og det omfatter også ledere, der er udpeget i udenlandske afdelinger, samt ledere, der er ansvarlige for støttefunktioner (f.eks. IT-ledere), og
Administrative Measures for the Qualifications of Directors and Senior Officers of Financial Institutions in the Banking Sector (CBRC [2013] No 3)
en meget lang liste over administrative godkendelser, herunder godkendelser til oprettelse af filialer, etablering af nye forretningsområder eller salg af nye produkter, ændring af bankens vedtægter, salg af mere end 5 % af deres aktier, kapitaludvidelser, ændringer af hjemsted, ændringer i organisationsform osv.
Reviewing these regulatory documents, the Commission found that financial institutions in the PRC are operating in a general legal environment that directs them to align themselves with the GOC's industrial policy objectives when taking financial decisions, for the following reasons.
Bankloven er juridisk bindende.
With respect to EXIM, its public policy mandate is established in the notice of establishing the Import Export Bank of China as well as in its Articles of Association.
Den obligatoriske karakter af femårsplanen og afgørelse nr. 40 er blevet fastslået ovenfor i afsnit 3.1.
At the general level, Article 34 of the Bank law, which applies to all financial institutions operating in China, provides that ‘Commercial banks shall conduct their business of lending in accordance with the needs of the national economic and social development and under the guidance of the industrial policies of the State’.
Den obligatoriske karakter af CBRC's forskrifter stammer fra dens beføjelser som banktilsynsmyndighed.
Although Article 4 of the Bank Law states that ‘Commercial banks shall, pursuant to law, conduct business operations without interference from any unit or individual.
Den obligatoriske karakter af andre dokumenter fremgår af de deri indeholdte bestemmelser om tilsyn og evaluering.
Commercial banks shall independently assume civil liability with their entire legal person property’, the investigation showed that Article 4 of the Bank law is applied subject to Article 34 of the Bank law, i.e. where the State establishes a public policy the banks implement it and follow State instructions.
På dette grundlag konkluderer Kommissionen, at den kinesiske regering har skabt normative rammer, der skal følges af de ledere og tilsynsførende, som er udpeget af den kinesiske regering og er ansvarlige over for den kinesiske regering.
In addition, Article 15 of the General Rules on Loans provides: ‘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.’
Derfor støttede den kinesiske regering sig til de normative rammer for at udøve betydelig kontrol med ledelsen af de tre samarbejdsvillige statsejede banker, når disse ydede lån til dækindustrien.
Following the disclosure of the Information Document, the GOC commented that the Commission had misinterpreted Article 34 of the Bank law.
Kommissionen søgte også at få konkrete beviser for udøvelsen af kontrol i et betydeligt omfang gennem konkrete lån.
Article 34 should not be read in isolation, and Article 4, being part of the General Provisions, has an overarching effect over the remaining articles of the law.
Under kontrolbesøget fastholdt de tre samarbejdsvillige statsejede banker, at de i praksis havde anvendt avancerede kreditrisikovurderingspolitikker og -modeller, når de bevilgede de omhandlede lån.
However, the findings of this investigation (as well as the Commission's findings in previous investigations concerning the same subsidy programme) did not support the claim that banks do not take government policy and plans into account while making lending decisions.
De tre samarbejdsvillige statsejede banker nægtede at fremlægge oplysninger, herunder deres specifikke kreditrisikovurderinger, vedrørende virksomhederne i stikprøven af lovgivnings- og kontraktmæssige årsager, selv om Kommissionen havde givet dem skriftligt tilsagn fra de stikprøveudtagne virksomheder om, at de gav afkald på deres ret til fortrolighed.
The GOC also requested to disregard Article 15 of the General Rules on Loans, since it was established more than 20 years ago, and has remained inactive for a long period.
Da der ikke forelå konkrete beviser for vurderingerne af kreditværdighed, undersøgte Kommissionen derfor de overordnede retlige rammer, som fastsat i betragtning 188-201, i kombination med de tre samarbejdsvillige statsejede bankers adfærd i forbindelse med de lån, der blev ydet til virksomhederne i stikprøven.
However, the GOC at the same time acknowledged that the General Rules on Loans had not been formally repealed yet.
Denne adfærd stod i modsætning til deres officielle holdning under kontrolbesøget, da de i praksis ikke handlede ud fra grundige markedsbaserede risikovurderinger.
The Commission thus considered that its reference to the General Rules on Loans remains valid.
Kontrolbesøgene viste, at med undtagelse af visse lån i fremmed valuta blev lånene ydet til de fire grupper af eksporterende producenter i stikprøven til en rentesats tæt på referencerentesatserne fra People's Bank of China (»PBOC«), uanset virksomhedernes finansielle og kreditrisikomæssige situation.
The industrial policy of the State is established through central planning, as explained in section 3.1 above.
Lånene blev således ydet under markedssatsen sammenlignet med den sats, der svarer til risikoprofilen for de fire eksporterende producenter i stikprøven.
With regards to the tyres industry, chapter 5 of the 13th Five Year Petrochemical Plan provides to ‘Strengthen the connection between financial, taxation, trading policies and industrial policies. Realize bank-enterprise connection and production cooperation policies. Strengthen financing support on key enterprises and key projects. Make use of existing special capital channels (special projects and funds, etc.) to keep supporting industrial upgrading and technical reconstruction’.
Desuden havde virksomhederne i stikprøven fået revolverende lån, hvilket giver dem mulighed for øjeblikkeligt at erstatte den tilbagebetalte kapital på lån ved udløb med frisk kapital fra nye lån.
Furthermore, the Tires Industry Policy ‘shall serve as the basis for all relevant departments’ concerning ‘credit financing for such tire industry projects’.
For to af virksomhederne i stikprøven blev der foretaget en omstrukturering af betalingsplanerne, eller gælden blev eftergivet på grund af økonomiske vanskeligheder.
Similarly, Decision No 40 instructs all financial institutions to provide credit support specifically to ‘encouraged’ projects.
Sådanne tilfælde blev konstateret for alle fire grupper af eksporterende producenter i stikprøven.
As already explained in section 3.1, projects of the tyres industry belong to the ‘encouraged’ category.
I henhold til CBRC's retningslinjer om risikobaseret låneklassificering burde alle disse tilfælde have været medtaget i det centrale låneregister.
Decision No 40 hence confirms the previous finding with respect to the Bank law that banks exercise governmental authority in the form of preferential credit operations.
De finansielle institutioners manglende indberetninger giver et forvrænget billede af virksomhedens lånesituation i det centrale låneregister, da registeret ikke viser virksomhedens reelle kreditværdighed.
In response to the Information Document, the GOC commented that Decision No 40 only allows credit support if it is based on the principles of credit lending.
Det betyder, at selv hvis en finansiel institution ville anvende en markedsbaseret risikovurdering, ville den have været baseret på ukorrekte oplysninger.
The Commission acknowledged that Articles 17 and 18 of the same Decision also ask the banks to respect credit principles.
Kommissionen konkluderede derfor, at den kinesiske regering har udøvet betydelig kontrol med ledelsen af de tre samarbejdsvillige statsejede banker med hensyn til deres udlånspolitik og risikovurdering vedrørende dækindustrien.
However, as explained in more detail in recitals (202) to (206) below, the Commission could not establish during the investigation that this was done in practice.
Konklusion om samarbejdsvillige finansielle institutioner
The Commission also found that the China Banking and Regulatory Commission (‘CBRC’) has far-reaching approval authority over all aspects of the management of all financial institutions established in the PRC (including privately owned and foreign owned financial institutions), such as:
Kommissionen konstaterede, at den ovenfor beskrevne retlige ramme implementeres af de tre samarbejdsvillige statsejede finansielle institutioner i forbindelse med udøvelsen af statslige funktioner med hensyn til dækindustrien, idet de handler som offentlige organer, jf. grundforordningens artikel 2, litra b), sammenholdt med grundforordningens artikel 3, stk. 1, litra a), nr. i), og i overensstemmelse med WTO's relevante retspraksis.
approval of the appointment of all managers of the financial institutions, both at the level of headquarters and at the level of local branches.
Ikke samarbejdsvillige statsejede banker
Approval of the CBRC is required for the recruitment of all levels of management, from the most senior positions down to branch managers, and even includes managers appointed in overseas branches as well as managers responsible for support functions (e.g. the IT managers); and
Som anført i afsnit 3.2 besvarede ingen af de andre statsejede banker, der ydede lån til virksomhederne i stikprøven, det særlige spørgeskema.
a very long list of administrative approvals, including approvals for setting up branches, for starting new business lines or selling new products, for changing the Articles of Association of the bank, for selling more than 5 % of their shares, for capital increases, for changes of domicile, for changes of organizational form, etc.
I overensstemmelse med konklusionerne i betragtning 127-136 besluttede Kommissionen derfor at anvende de foreliggende faktiske oplysninger til at afgøre, om disse statsejede banker kan betragtes som offentlige organer.
The Bank law is legally binding.
I forbindelse med antisubsidieundersøgelsen af importen af visse varmvalsede flade produkter af jern og ulegeret stål eller andre former for legeret stål med oprindelse i Folkerepublikken Kina fastslog Kommissionen, at følgende banker, der havde ydet lån til de fire grupper af eksporterende producenter i stikprøven, i den pågældende undersøgelse, delvist eller helt ejes af staten selv eller af statsejede juridiske personer: China Development Bank, China Construction Bank, Industrial and Commercial Bank of China, Bank of Communications, China Everbright Bank, Postal Savings Bank, China Merchants Bank, Shanghai Pudong Development Bank, China Industrial Bank, Shenyang Rural Commercial Bank, Bank of Shanghai, Ningbo Bank, China CITIC Bank, China Guangfa Bank, China Bohai Bank, Huaxia Bank.
The mandatory nature of the Five Year Plans and of Decision No 40 has been established above in section 3.1.
Ved at anvende offentligt tilgængelige oplysninger, som f.eks. bankens websted, årsberetninger, oplysninger i bankoversigter eller på internettet, fastslog Kommissionen også, at følgende banker, som havde ydet lån til de fire grupper af eksporterende producenter i stikprøven, var delvist eller helt ejet af staten selv eller af statsejede juridiske personer:
The mandatory nature of the CBRC regulatory documents derives from its powers as the banking regulatory authority.
Bankens navn
The mandatory nature of other documents is demonstrated by the supervision and evaluation clauses which they contain.
Oplysninger om ejerstruktur
On that basis, the Commission concluded that the GOC has created a normative framework that had to be adhered to by the managers and supervisors appointed by the GOC and accountable to the GOC.
mindst 34,86 % af aktierne ejes af statsejede organer
Therefore, the GOC relied on the normative framework in order to exercise control in a meaningful way over the conduct of the three cooperating state-owned banks whenever those were providing loans to the tyres industry.
mindst 42,55 % af aktierne ejes af lokale myndigheder og statsejede virksomheder
The Commission also sought concrete proof of the exercise of control in a meaningful way on the basis of concrete loans.
hovedsagelig statsejet med aktier spredt på mange statsejede virksomheder og på enheder med tilknytning til kommunale myndigheder
During the verification visit, the three cooperating state-owned banks maintained that in practice they had used sophisticated credit risk assessment policies and models when granting the loans at issue.
Dongying City Bureau of Finance ejer 20,88 %, Donging State-owned Assets Operation Co., Ltd. ejer 11,14 %
During the verification visit at the GOC, ABC and BOC representatives also indicated that they had reduced their overall credit exposure towards the tyres industry during the last two years, because they detected some issues relating to overcapacity in the sector.
Shenyang Rural Commercial Bank
In the absence of concrete evidence of creditworthiness assessments, the Commission therefore examined the overall legal environment as set out above in recitals (188) to (201), in combination with the behaviour of the three cooperating state-owned banks with regard to the loans provided to the sampled companies.
den statsejede virksomheds andel udgør 35,52 % af aktiekapitalen
This behaviour contrasted with their official stance during the verification visit, as in practice they were not acting based on thorough market-based risk assessments.
dattervirksomhed af Industrial Bank, som blev anset for at være statsejet i antisubsidieundersøgelsen vedrørende varmvalsede flade produkter
The verification visits revealed that with the sole exception of certain loans in foreign currency, loans were provided to the four groups of sampled exporting producers at interest rates close to the People's Bank of China (‘PBOC’) benchmark interest rates, regardless of the companies' financial and credit risk situation.