natgillin/translations-raw huggingface dataset:
Slutteligt bemærkede Kommissionen, at når den 13. femårsplan analyseres i den rette sammenhæng, kan den ikke klassificeres udelukkende som tilskyndelse, og dens offentlige støttemålsætninger er ikke begrænset til de fleste industrier i Kina, men specifikt til visse industrier.
Furthermore, they rejected that ‘lending rates provided by the private financial institutions were similar in most of the cases and partly overlapped with the rates provided by the publicly owned financial institutions’ as set out in recital (221) as a valid indicator for entrustment or direction.
Disse påstande blev derfor afvist.
In sum, the party claimed that the evidence available is insufficient to show entrustment or direction.
Fordel ved og beregning af subsidiebeløbet
Second, this party claimed that the CBRC's approval authority over the appointment of managers and administrative actions explained in the recital (200) does not result in an explicit or affirmative action of delegation or command.
Til beregning af det udligningsberettigede subsidiebeløb vurderede Kommissionen den fordel, som modtageren har opnået i undersøgelsesperioden.
Third, the same party claimed that the mere fact that private parties act in a not commercially reasonable manner is not enough to establish entrustment or direction.
Ifølge grundforordningens artikel 6, litra b), er fordelen for modtagerne forskellen mellem det rentebeløb, som virksomheden betaler for præferencelånet, og det beløb, som virksomheden ville skulle betale for et tilsvarende lån på markedsvilkår, som den kunne opnå på det frie marked.
Fourth, several interested parties argued that the Commission had not conducted an individual assessment per financial institution and that any entrustment or direction cannot be demonstrated without conducting a verification at the financial institutions concerned.
Kommissionen bemærkede i den forbindelse en række særlige forhold på det kinesiske marked for elektriske cykler.
Finally one party claimed that the Commission had mixed up the notions of ‘entrustment’ and ‘direction’.
Som forklaret i afsnit 3.5.1-3.5.3 afspejler lånene fra kinesiske finansielle institutioner en væsentlig statslig indgriben, og afspejler ikke rentesatser, der normalt ville gælde på et fungerende marked.
As regards the first, second and third claim the Commission would like to recall that there was no cooperation from the financial institutions or the GOC and consequently no evidence or divergent information had been provided that contradicted the conclusions reached in recitals (175) to (222) above.
Grupperne af stikprøveudtagne eksporterende producenter adskiller sig med hensyn til deres generelle finansielle situation.
In fact, the Chinese Banking Law has to be examined in view of the totality of the evidence available, which indicates that those statements are more than mere acts of encouragement.
Hver enkelt har haft fordel af forskellige lånetyper i undersøgelsesperioden med afvigelser med hensyn til løbetid, sikkerhedsstillelse, garantier og andre tilknyttede betingelser.
Also as regards the fourth claim, due to the non cooperation, none of the financial institutions could be individually assessed.
Af disse to årsager havde den enkelte eksporterende producent en forskellig gennemsnitlig rente baseret på virksomhedens egne lån.
Moreover, the publicly available information from the Chinese banks contradicts the claim that there is no proof of entrustment or direction and that the GOC cannot force private banks for any course of action.
Kommissionen vurderede individuelt den finansielle situation for hver gruppe af stikprøveudtagne eksporterende producenter for at tage højde for disse særlige forhold.
Indeed, those private banks are directed by the GOC to achieve the public policy objectives of supporting certain encouraged sectors by providing preferential lending.
I den forbindelse fulgte Kommissionen den metode til beregning af præferencelån, der blev fastlagt i antisubsidieundersøgelsen vedrørende varmvalsede flade produkter af stål med oprindelse i Kina, og som er forklaret i følgende betragtninger.
Moreover, in the absence of information to the contrary, as pointed out in recital (221) above, the Commission established that private banks applied similar conditions and interest rates as those of the public banks.
Som følge heraf har Kommissionen beregnet fordelen ved præferencelånene for hver gruppe af stikprøveudtagne eksporterende producenter på individuelt grundlag og tildelt den pågældende vare en sådan fordel.
This is an indication that private banks followed the government lending policy enshrined in the the Bank Law and the various orders of the CBRC.
Kreditvurderinger
Finally, the claim that the Commission had mixed up the notions of entrustment and direction was not substantiated or explained in any futher details.
I forbindelse med antisubsidieundersøgelsen vedrørende varmvalsede flade produkter af stål med oprindelse i Kina har Kommissionen allerede fastslået, at de indenlandske kreditvurderinger, der var blevet tildelt kinesiske virksomheder, ikke var pålidelige på grundlag af en undersøgelse offentliggjort af Den Internationale Valutafond (IMF), der viste en uoverensstemmelse mellem de internationale og de kinesiske kreditvurderinger, hvilket blev bekræftet i resultaterne af denne undersøgelse vedrørende de stikprøveudtagne eksporterende producenter.
The Commission however noted that the ‘entrustment’ and ‘direction’ standards are not mutually exlusive, since in both cases, the government uses a private body as a proxy to effectuate a financial contribution.
Ifølge IMF vurderes mere end 90 % af de kinesiske obligationer fra AA til AAA af de lokale kreditvurderingsbureauer.
Therefore these claims had to be rejected.
Dette er ikke sammenligneligt med andre markeder, f.eks. EU eller USA.
Specificity
For eksempel nyder mindre end 2 % af virksomhederne godt af sådanne »top-ratings« på det amerikanske marked.
As demonstrated in recitals (195) to (202), several regulatory documents which are specifically targeted at companies in the electric bicycle sector, direct the financial institutions to provide loans at preferential rates to the electric bicycle industry.
I forbindelse med de kinesiske kreditvurderingsbureauer er der således en alvorlig overrepræsentation i den øverste ende af kreditvurderingsskalaen.
On the basis of these documents it is demonstrated that the financial institutions only provide preferential lending to a limited number of industries/companies which comply with the relevant policies of the GOC.
De har meget brede kreditvurderingsskalaer og har en tendens til at samle obligationer med betydeligt forskellige misligholdelsesrisici i én bred kreditvurderingskategori.
The Commission therefore concluded that subsidies in the form of preferential lending are not generally available but are specific within the meaning of Article 4(2)(a) of the basic Regulation.
Desuden anvender udenlandske kreditvurderingsbureauer som f.eks. Standard and Poor's og Moody's typisk en opgradering af udstederens basiskreditvurdering baseret på et skøn over virksomhedens strategiske betydning for den kinesiske regering og styrken af en eventuel implicit garanti, når kinesiske obligationer udstedes i udlandet.
Moreover there was no evidence submitted by any of the interested parties suggesting that the preferential lending is based on objective criteria or conditions in the sense of Article 4(2)(b) of the basic Regulation.
Fitch – et andet internationalt kreditvurderingsbureau – angiver f.eks. tydeligt, hvor det er relevant, at sådanne garantier spiller en vigtig rolle, når virksomheden udsteder kreditvurderinger af kinesiske virksomheder.
After disclosure several interested parties claimed that the preferential lending is not specific to the electric bicycle industry and it should not be considered as countervailable.
I løbet af undersøgelsen fandt Kommissionen yderligere oplysninger som supplement til denne analyse.
They argued that the Commission should have demonstrated the specificity on the basis of positive evidence.
For det første har Kommissionen fastslået, at staten kan udøve indflydelse på kreditvurderingsmarkedet, eftersom kreditvurderingsbureauer som minimum er delvis statsejede.
One of these parties further claimed that the 13th Five-Year plan mentions in fact a wide range of industries other than electric bicycles and that it does not set out or direct any subsidies but it only encourages the development of the industries mentioned therein.
Ifølge to undersøgelser, der blev offentliggjort i 2016, var der ca. 12 aktive kreditvurderingsbureauer på det kinesiske marked, hvoraf størstedelen var statsejede.
This party also claimed that it cannot be concluded that the banks are compelled to grant loans at preferential rates.
I alt var 60 % af alle virksomhedsobligationer i Kina med en rating blevet vurderet af et statsejet kreditvurderingsbureau.
The Commission would like to recall that first, as stated in recital (220), the normative framework concerning the electric bicycle industry applies to all financial institutions in the PRC and provides, among others, 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 kinesiske regering bekræftede, at i undersøgelsesperioden var der 12 kreditvurderingsbureauer, der var aktive på Kinas obligationsmarked, heriblandt 10 indenlandske kreditvurderingsbureauer.
Second, as laid down in recitals (96) to (139) the provisions of not only the 13th Five-Year plan but also of several other government plans lay down specific government policies in order to support the electric bicycle industry.
Der var også 2 kinesisk-udenlandske joint venture kreditvurderingsbureauer.
Further, due to the absence of cooperation the GOC and any of the financial institutions this was the only information available on which basis the Commission could draw its conclusions in accordance with Article 28 of the basic Regulation.
For det andet er der ingen fri adgang til det kinesiske kreditvurderingsmarked.
In addition, none of the interested parties provided any evidence in order to support these claims.
Det er i al væsentlighed et lukket marked, eftersom kreditvurderingsbureauer skal godkendes af Kinas kommission for regulering af værdipapirer (»CSRC«) eller PBOC, inden de kan påbegynde deres aktiviteter.
Finally, the Commission noted that the 13th Five-Year Plan, when examined in its proper context, cannot be deemded as a mere act of encouragement, and also its public support objectives are not limited to most industries in China, but specifically to certain industries.
I undersøgelsesperioden var det ikke muligt for udenlandske kreditvurderingsbureauer som sådan at drive virksomhed på det kinesiske hjemmemarked, da markedet for kreditvurderinger var omfattet af kategorien »begrænset« i den kinesiske regerings fortegnelse over industrier i forbindelse med retningslinjer for udenlandske investeringer, og udenlandske kreditvurderingsbureauer havde forbud mod at udstede vurderinger af indenlandske obligationer.
Therefore the claims were rejected.
PBOC meddelte medio 2017, at de udenlandske kreditvurderingsbureauer på visse betingelser ville få lov til at foretage kreditvurderinger af en del af det indenlandske obligationsmarked, men dette var endnu ikke tilfældet i undersøgelsesperioden.
Benefit and calculation of the subsidy amount
I mellemtiden oprettede udenlandske bureauer ikke desto mindre joint ventures med nogle af de lokale kreditvurderingsbureauer, som udsteder kreditvurderinger af indenlandske obligationsudstedelser.
For the calculation of the amount of the countervailable subsidy the Commission assessed the benefit conferred on the recipients during the investigation period.
Disse kreditvurderinger følger imidlertid de kinesiske kreditvurderingsskalaer og er derfor ikke sammenlignelige med internationale kreditvurderinger, som forklaret ovenfor.
According to Article 6(b) of the basic Regulation, the benefit conferred on the recipients is the difference between the amount of interests that the company pays on the preferential loan and the amount that the company would pay for a comparable commercial loan obtainable on the free market.
Desuden viste undersøgelsen, at de stikprøveudtagne eksporterende producenter kun havde opnået deres kreditvurderinger – hvis de overhovedet havde opnået en sådan – fra deres långivende banker og ikke fra et kreditvurderingsbureau.
In this regard, the Commission noted a number of specificities on the Chinese electric bicycle market.
I lyset af den situation, der er beskrevet i betragtning 238-243, konkluderede Kommissionen, at de kinesiske kreditvurderinger ikke giver et pålideligt skøn over kreditrisikoen ved det underliggende aktiv.
As explained in sections 3.5.1 to 3.5.3 above, the loans provided by Chinese financial institutions reflect substantial government intervention and do not reflect rates that would normally be found in a functioning market.
Inden for rammerne af den nuværende undersøgelse bestod Giant-gruppen i Kina af én eksporterende producent og tre virksomheder, der leverede inputmaterialer.
The sampled groups of exporting producers differ in terms of their general financial situation.
Derudover var der én forretningsmæssigt forbundet virksomhed i Kina, der fremstillede elektriske cykler, men denne virksomhed eksporterede ikke den pågældende vare til EU-markedet.
Each of them benefitted from different types of loans during the investigation period with variances in respect of e.g. maturity, collateral, guarantees and other attached conditions.
Andre grupper af virksomheder blev ikke medtaget i forbindelse med denne undersøgelse, da de ikke var involveret i produktion og salg af elektriske cykler.
For those two reasons, each exporting producer had a different average interest rate based on its own set of loans received.
Gruppens hovedsæde ligger i Taiwan, og der er intet holdingselskab i Kina, som udøver kontrol over alle de virksomheder, der agerer i Kina.
The Commission assessed individually the financial situation of each sampled group of exporting producers in order to reflect these particularities.
I sine årsregnskaber præsenterede Giant-gruppen sig selv som værende i en generelt rentabel finansiel situation.
In this respect, the Commission followed the calculation methodology for preferential lending established in the anti-subsidy investigation on hot rolled flat steel products originating in the PRC and explained in the recitals below.
Andre finansielle indikatorer, som f.eks. forholdet mellem gæld og aktiver eller rentedækningsraten, indikerede ikke nogen betydelige strukturelle problemer med hensyn til disse virksomheders evne til at tilbagebetale deres gæld.
As a result, the Commission calculated the benefit from the preferential lending practices for each sampled group of exporting producers on an individual basis, and allocated such benefit to the product concerned.
Giant-gruppen havde lån i RMB, USD, EUR og JPY, der blev ydet af kinesiske finansielle institutioner.
Credit ratings
Den sikrede sig også nødvendige midler fra tre banker gennem bankveksler.
In the anti-subsidy investigation on hot rolled flat steel products originating in the PRC, the Commission already determined that domestic credit ratings awarded to Chinese companies were not reliable, based on a study published by the International Monetary Fund (‘IMF’), showing a discrepancy between international and Chinese credit ratings, which is confirmed with the findings of this investigation concerning the sampled exporting producers.
De kreditvurderinger, som Giant-gruppens eksporterende producent forelagde Kommissionen, hidrørte ikke fra anerkendte kreditvurderingsbureauer, men fra kinesiske statsejede finansielle institutioner.
Indeed, according to the IMF, over 90 % of Chinese bonds are rated AA to AAA by local rating agencies.
I lyset af de kinesiske kreditvurderingers generelle fordrejninger, som omhandlet i betragtning 238-243, og i mangel af vurderinger fra et kreditvurderingsbureau konkluderede Kommissionen, at disse kreditvurderinger ikke var pålidelige.
For example, less than 2 % of firms enjoy such top-notch ratings in the US market.
Som nævnt i afsnit 3.5.1 fremlagde de kinesiske finansielle udlånsinstitutioner ingen vurdering af kreditværdigheden.
Chinese credit rating agencies are thus heavily skewed towards the highest end of the rating scale.
For at konstatere, om der var tale om en fordel, måtte Kommissionen derfor vurdere, om rentesatserne for lån til Giant-gruppen var på markedsniveau.
They have very broad rating scales and tend to pool bonds with significantly different default risks into one broad rating category .
Virksomhedsobligationer med vurderingen BB i relevante valutaer, der er udstedt i undersøgelsesperioden, blev derfor anvendt til at fastsætte et passende benchmark.
In addition, foreign rating agencies, such as Standard and Poor's and Moody's, typically apply an uplift over the issuer's baseline credit rating based on an estimate of the firm's strategic importance to the Chinese government and the strength of any implicit guarantee when they rate Chinese bonds issued overseas.
Den præmie, der forventedes på obligationer udstedt af virksomheder med denne rating (BB), blev derefter anvendt på PBOC's almindelige udlånssats for at fastslå markedsprisen.
Another international rating agency, Fitch, for example clearly indicates, where applicable, that such guarantees are a key driver underlying its credit ratings of Chinese companies.
Denne opjustering blev fastsat ved at beregne det relative spread mellem indekser bestående af amerikanske virksomhedsobligationer med AA-rating og amerikanske virksomhedsobligationer med BB-rating på grundlag af Bloomberg-data for industrielle segmenter.
During the investigation, the Commission found further information to complement this analysis.
Det således beregnede relative spread blev derefter lagt til referencerentesatserne som offentliggjort af PBOC på datoen for bevillingen af lånet og med samme løbetid som det pågældende lån.
First, the Commission determined that the State can exercise influence over the credit rating market as credit rating agencies are at least partly State-owned.
Dette blev gjort individuelt for hvert enkelt lån til virksomheden.
Thus, according to two studies published in 2016, there were around 12 credit rating agencies active on the Chinese market, a majority of which are State-owned.
Efter fremlæggelsen af oplysninger anfægtede Giant-gruppen anvendelsen af BB-ratingen som benchmark for gruppens samlede finansielle situation.
There were also 2 Sino-foreign joint venture credit rating agencies.
Den hævdede, at Kommissionen ikke inden fremlæggelsen antydede, at der var et krav om, at kun kreditvurderinger udstedt af uafhængige, specialiserede kreditvurderingsbureauer såsom Standard & Poor's, Moody's eller Fitch ville udgøre acceptabel dokumentation og Kommissionen anmodede heller ikke om, at sådan dokumentation burde fremlægges.
Second, there is no free entrance on the Chinese credit rating market.
Giant hævdede også, at det valgte benchmark burde afspejle de gældende markedsbetingelser i Kina og hævdede, at et mere passende benchmark burde være baseret på Taiwan eller Hong Kong.
It is essentially a closed market, since rating agencies need to be approved by the China Securities Regulatory Commission (‘CSRC’) or the PBOC before they can start operations.
Den hævdede ligeledes, at Kommissionen ikke i tilstrækkelig grad havde forklaret grunden til, at Giant ikke kunne opnå en »investment grade«-kreditvurdering til trods for sine positive finansielle indikatorer og bemærkede, at som en global gruppe, hvor dens moderselskab var noteret på Taiwans børs, var oplysninger om gruppens kreditværdighed offentligt tilgængelige.
During the investigation period, foreign rating agencies were not allowed as such to operate on the Chinese domestic market, since the credit rating market was included in the ‘restricted’ category of the GOC's Catalogue of Industries for Guiding Foreign Investment, and foreign credit rating agencies were prohibited from issuing domestic bond ratings.
Som forklaret i betragtning 238-244 blev det fastsat i undersøgelsen, at de kinesiske kreditvurderinger ikke giver et pålideligt skøn over kreditrisikoen ved det underliggende aktiv.
The PBOC announced mid-2017 that overseas credit rating agencies would be allowed to carry out credit ratings on part of the domestic bond market, under certain conditions, but this was not yet applicable during the investigation period.
Virksomheden kunne heller ikke give nogen sammenhængende eller pålidelige kreditvurderinger under undersøgelsen.
Nevertheless, in the meantime, foreign agencies did establish joint ventures with some local credit rating agencies, which provide credit ratings for domestic bond issues.
Der mindes om, at som følge af den manglende samarbejdsvilje fra de finansielle institutioner, kunne Kommissionen ikke kontrollere pålideligheden af de kreditvurderingsprocedurer, der blev anvendt for dem, herunder over for den pågældende eksporterende producent.
However, these ratings follow Chinese rating scales and are thus not comparable with international ratings, as explained above.
Kommissionen fandt derfor at det var hensigtsmæssigt at anvende BB-benchmarket, som forklaret i betragtning 245-252.
Furthermore, the investigation found that the sampled exporting producers, had obtained their credit ratings, if any, only from their lending banks and not by any credit rating agency.
Denne påstand blev derfor afvist.
In view of the situation described in recitals (238) to (243) above, the Commission concluded that Chinese credit ratings do not provide a reliable estimation of the credit risk of the underlying asset.
I denne forbindelse skal det også erindres, at det spørgeskema, der blev sendt til de eksporterende producenter indeholdt kravet om at fremsende deres kreditvurderinger, og virksomhederne blev anmodet om at levere fuldstændige oplysninger inden for den fastsatte frist, som også var klart angivet i spørgeskemaet.
For the purpose of the current investigation, the Giant group in China consisted of one exporting producer and three companies providing inputs.
Der blev dog ikke leveret andre oplysninger om virksomhedens kreditværdighed end den, der allerede er analyseret af Kommissionen.
Additionally, one related company in China was producing electrical bicycles, but not exporting the product concerned to the Union market.
Påstanden om, at Kommissionen aldrig havde anmodet om disse oplysninger blev derfor også afvist.
Other group companies were not considered for this investigation, as they were not involved in the production and sale of electrical bicycles.
Hvad angår påstanden om, at Kommissionen burde have valgt et benchmark baseret på Taiwan eller Hongkong synes at være baseret på de præmisser, at USA var valgt som benchmark for rentesatserne.
The headquarters of the group are located in Taiwan, and there is no holding company within China exercising control over all the companies operating in the PRC.
Dette er ikke korrekt.
The Giant Group presented itself in a generally profitable financial situation according to its own financial accounts.
Som uddybet i betragtning 251 blev det relative spread – og ikke rentesatsen som sådan – beregnet mellem indekser bestående af amerikanske virksomhedsobligationer med AA-rating og amerikanske virksomhedsobligationer med BB-rating på grundlag af Bloomberg-data for industrielle segmenter.
The exporting producer of the Giant Group was profitable during the investigation period but incurred losses in 2014.
Som nærmere forklaret i betragtning 293 var dette relative spread desuden landeneutralt.
Two other investigated group companies also incurred losses during the investigation period.