natgillin/translations-raw huggingface dataset:
Påstanden blev derfor afvist.
Furthermore, the Commission also noted that the fee paid on bank acceptances is calculated on the basis of the face value of the bank acceptances, not an amount reduced by the amount of the guarantee.
I henhold til grundforordningens artikel 6, litra c), anses fordelen for modtagerne således for at være forskellen mellem det beløb, virksomheden betaler for bankvekslen, der udstedes af kinesiske finansielle institutioner, og det beløb, den pågældende virksomhed ville skulle betale for en tilsvarende bankveksel på det canadiske marked som reference.
Another interested party claimed that no benefit for the bank acceptance fee should have been calculated as a guarantee for the financial service provided by the Chinese banks on the grounds that banks do not need to fund the notes at their issuance or at their maturity since such payments are funded by the exporting producer in question unless it would become insolvent.
For at fastsætte omfanget af fordelen sammenlignede Kommissionen det bankvekselgebyr, som den stikprøveudtagne eksporterende producent betalte, med CDOR – som er det anerkendte canadiske benchmarkindeks for bankveksler med en løbetid på et år eller derunder – justeret med en passende forhøjelse for at tage hensyn til kreditværdigheden hos køberne (stempelgebyret).
As a consequence, the banks would allegedly not run any financial risk as they only act as an intermediary.
I mangel af oplysninger om niveauet for stempelgebyrer blev der anvendt den samme forhøjelse som ved lån i RMB (se betragtning 284).
The same party also claimed that the terms of the contract provide for adequate financial guarantees for the banks.
Med reference til situationen i Canada og i overensstemmelse med artikel 6, litra d), nr. ii), blev der også beregnet en fordel vedrørende den aftale om kreditbevilling, der burde have været indført, på grundlag af det benchmark, der er nævnt i betragtning 299 ved anvendelse af det højeste beløb for gældsforpligtelser gennem bankveksler hos hver enkelt bank på et givet tidspunkt i undersøgelsesperioden som grundlag for beregningen.
In this regard, reference is made to recital (310) which confirms that financial institutions recognise bank acceptances as loans and to recital (304) which provides that banks which engage in bank acceptance agreements make an unconditional pledge that they will pay a certain amount on a given date.
I overensstemmelse med grundforordningens artikel 6, litra b), blev der også beregnet en fordel i form af et de facto rentefrit kortfristet lån til de pågældende stikprøveudtagne eksporterende producenter for de bankveksler, der forlængede løbetiden for gældsforpligtelserne over for leverandørerne.
Furthermore, considering that bank acceptances may be discounted, banks should make sure that sufficient funds are available between the issuance and the maturity of the bank acceptance.
Med henblik på at fastslå denne fordel anvendte Kommissionen den samme metode, som er beskrevet i betragtning 284 ved lån i RMB.
In this regard, it should also be noted that standard credit line facility contracts applicable in the PRC foresee that they can be used for various types of loans including bank acceptances thus confirming the need for the bank to have sufficient funds available.
Efter fremlæggelsen af oplysninger hævdede en af de interesserede parter, at Kommissionen fejlagtigt havde beregnet fordelen to gange ved at lægge »vekselnote – gebyr for aftale om kreditbevilling« og »vekselnote – præferentielle rentesatser« (som skulle have været betalt på de facto-lånet) til den fordel, der blev beregnet for gebyret for bankvekslen.
After analysis of the terms of the contracts between the financial institutions and the exporting producers, it was considered that they are inadequate in view of the involvement, unconditional obligations and the financial risk that financial institutions run when engaging in bank acceptance agreements.
I denne henseende bør det bemærkes, at de foreliggende beviser vedrørende denne specifikke eksporterende producent viser, at bankveksler forlængede betalingsfristerne for de fakturaer, som de henviste til.
Consequently the above claim had to be rejected.
De blev derfor betragtet som et de facto-lån.
As far as specificity is concerned, it was considered that, as mentioned in recital (106) and foreseen by the Light Industry Development Plan, the GOC foresees ‘a financial policy that supports the development of medium and small sized enterprises, further explore the financial channels of medium and small sized enterprises, perfect the credit guarantee system of medium and small sized enterprises’, the bank acceptances are another form of preferential support to encouraged industries such as the electric bicycle sector.
På dette grundlag og som forklaret i betragtning 335 blev der også beregnet en fordel i form af et rentefrit kortfristet de facto-lån.
Furthermore, such form of support did not take into account the financial situation of the sampled exporting producers as all banks charged a flat fee, which, based on the information on the file, is lower than available international benchmarks and even lower than the premium charged to companies with a poor credit rating such as the sampled exporting producers (see recital (324)).
Som forklaret i betragtning 334 blev der ligesom i situationen på det canadiske marked – uanset eksistensen af et de facto-lån – også beregnet en fordel ved den aftale om kreditbevilling, der burde have været etableret.
Following disclosure, several interested parties repeated the claim made before disclosure that the bank acceptance note system is a generally available financing tool not limited to the electric bicycle industry.
På baggrund af ovenstående måtte dette argument afvises.
Several interested parties also claimed that the Commission had to substantiate its determination of specificity on the basis of positive evidence.
En anden interesseret part hævdede, at beregning af en fordel i form af en kreditbevilling ud over garantigebyret udgjorde dobbelttælling med den begrundelse, at garantigebyret burde betragtes som tilstrækkeligt til at dække finansielle omkostninger og risici i forbindelse med udstedelse af bankveksler.
In this regard, reference is made to recitals (195) to (202) and also more specifically to recital (319) which provide positive evidence concerning the specificity aspects of such preferential policy whereby such financial instrument is not generally available in such terms and therefore specific to a limited number of industries such as the electric bicycle.
Virksomheden fremførte også, at i tilfælde af en skriftlig aftale om en kreditbevilling er det ubegrundet at konkludere, at en bank ville opkræve et gebyr for at indgå aftale om denne kreditbevilling.
These claims had therefore to be rejected.
Den hævdede også, at benchmarket for garantigebyret og kreditbevillingsgebyret burde komme fra samme kilde.
Calculation of the benefit
I den forbindelse henvises der til betragtning 323, hvori det fastslås, at låntagere skal have en aftale om kreditbevilling, som de kan trække på.
According to the information available, a bank acceptance system in the form as described in recitals (304) to (308) does not exist in the EU.
Som nævnt i betragtning 318 skal det desuden erindres, at flere eksporterende producenters aftalekontrakt om kreditbevilling indeholder bestemmelser om, at aftalen kan anvendes til forskellige former for lån, herunder bankveksler.
However, based on the information publicly available such form of credit is available in Canada where bank acceptances are used by corporate borrowers to meet their short-term funding requirements.
Desuden anføres det også i Bank of Canada-arbejdspapiret at »aftalegebyrer og administrative gebyrer anvendes også ved både primære kreditbevillinger og kreditbevillinger, der er baseret på bankveksler«.
Bank acceptances in Canada are normally used by companies which do not enjoy the highest credit rating.
Ligesom på det canadiske marked blev det anset for rimeligt at integrere et aftalegebyr for kreditbevillinger i beregningen af fordelen.
In order to obtain such bank acceptances, borrowers need to have a credit line facility on which they will draw.
For så vidt angår kilden til benchmarks, henvises der til afsnit 3.3.1. og til det faktum, at Kommissionen til dels var nødt til at basere sig på de foreliggende faktiske oplysninger i forbindelse med undersøgelsen af forekomsten og omfanget af den påståede subsidiering gennem præferencelån.
In order to offer such guarantee, banks normally charge a bank acceptance fee set at the level of the Canadian Dollar Offered Rate (‘CDOR’) and a stamping fee ranging from a few basis points (bps) to over 100 bps depending on the creditworthiness of the borrowers.
Under alle omstændigheder blev det fundet, at de oplysninger, der er anvendt, er rimelige og afspejler normale markedsvilkår.
Under normal market circumstances, bank acceptances would thus normally be subject to a so-called bank acceptance fee and shall be part of a credit line because a bank acceptance is a direct and unconditional liability of the accepting bank.
Èn interesseret part påstod, at Kommissionen ikke påviste andre forretningsbankers »mindre favorable vilkår«, at Kommissionen undlod at begrunde, hvorfor et eksternt benchmark var passende, og at Kommissionen ikke havde foretaget de nødvendige justeringer for at sikre sammenlignelighed.
In the case of the Chinese sampled exporting producers, the bank acceptance fee was set at a flat rate of 0,05 % of the bank acceptances amount regardless of the creditworthiness of each sampled exporting producer and, when existing, credit lines were provided free of charge.
I denne forbindelse skal det erindres, at som nævnt i afsnit 3.3.1. samarbejdede den kinesiske regering kun delvist for så vidt angår præferencelån, og at Kommissionen var nødt til delvist at basere sig på de foreliggende faktiske oplysninger i forbindelse med undersøgelsen af forekomsten og omfanget af den påståede subsidiering gennem præferencelån.
Following disclosure one exporting producer claimed that the Commission had double counted some adjustment entries and had included entries irrelevant to the issuance of bank acceptance notes in its calculation of the subsidy amount.
På grund af dette delvise samarbejde fik Kommissionen ikke relevante afgørende oplysninger og måtte basere sine konklusioner på de foreliggende faktiske oplysninger.
However, the calculations were based on information provided by the company and verified by the Commission and the alleged errors could not be verified anymore.
På dette grundlag konkluderede Kommissionen, at det kinesiske finansmarked er fordrejet, eftersom statsejede og private finansielle institutioner bliver overdraget og pålagt af staten at gennemføre regeringens politik og yde lån til præferencesatser til industrien for elektriske cykler som konkluderet i betragtning 217 og 222.
This claim was therefore rejected.
Denne påstand måtte derfor afvises.
Several interested party claimed that bank acceptances should not be regarded as loan on the grounds that they do not grant longer payment terms to its beneficiaries and claimed that the manner in which a Member's domestic law characterizes a certain instruments is not dispositive of its characterization under WTO law.
En interesseret part påstod desuden, at CDOR ikke er et passende benchmark på grund af dens finansielle situation.
Several interested parties claimed that the bank acceptances available in the PRC and in Canada are different instruments.
I denne forbindelse henvises der til de kreditvurderinger, der er foretaget for de eksporterende producenter i stikprøven i afsnit 3.5.4.1.
While they are used as a method of payment in the PRC, they are used by corporate borrowers to meet their short-term funding requirements in Canada.
På grundlag af disse vurderinger blev det fastslået, at alle eksporterende producenter i stikprøven burde have en BB-kreditvurdering.
The Commission disagrees with this statement and considers that bank acceptances are a solution to the short-term funding requirements in both countries.
En interesseret part forelagde yderligere ikkeverificerede dokumenter og hævdede, at fordelen var beregnet forkert med den begrundelse, at visse aftaler burde have været betragtet som fornyelser snarere end særskilte aftaler.
Indeed, through the use of bank acceptances, companies see their payables towards suppliers transformed into payables to banks.
De hævdede også, at hvis der var opkrævet et administrativt gebyr, ville et sådant gebyr være blevet betalt for undersøgelsesperioden.
Furthermore, the investigation revealed that, in the case of several exporting producers, the bank acceptances extended the payment terms of invoices to which they related, thus improving the short term cash position of the sampled exporting producers.
Desuden hævdede denne part, at Kommissionen ikke havde taget den seneste version af sagen (med en revideret kolonne) i betragtning.
Furthermore, as described on page 1 of the Staff Discussion Paper of the Bank of Canada (‘Bank of Canada document’), there are other likenesses between the Chinese and Canadian bank acceptances which both provide there should be ‘a direct and unconditional order from a corporate borrower (client) to draw down against its established line of credit (called a “BA facility”) at a Canadian bank.
For så vidt angår den første påstand bekræfter den verificerede dokumentation ikke, at en sådan aftale var en fornyelse.
Once the drawdown occurs, the accepting (or lending) bank guarantees the principal and interest by stamping the paper, thus becoming fully liable for the payment upon maturity in case of nonpayment by the underlying corporate borrower.’
Desuden kunne de dokumenter, der blev indgivet efter fremlæggelsen af oplysninger til støtte for denne påstand, ikke kontrolleres og måtte derfor lades ude af betragtning.
In view of the likenesses between both markets, this claim had to be rejected.
Hvad angår den anden påstand, dækkede de aftaler om kreditbevilling, der var påbegyndt inden undersøgelsesperioden, en del af undersøgelsesperioden, og Giant-gruppen havde derfor gavn af fordelen i løbet af undersøgelsesperioden.
Another interested party further claimed that, contrary to the Chinese system, Canadian banks need to provide the funds on the day when the bank acceptance is issued.
Kommissionen kunne derfor ikke acceptere denne påstand.
On this basis, it claimed that the guarantee fee covers more obligations, costs and risks for the banks than the Chinese system.
For så vidt angår den tredje påstand, skal det bemærkes, at denne særlige kolonne var irrelevant for beregningen af fordelen, og at korrektionen derfor ingen indflydelse havde.
In this regard, it should be noted that the fact that the funds are made available is irrelevant as the Chinese system also provides that the funds need to be made available by the bank, should the holder of the bank acceptance note wish to discount it and have the funds available.
Konklusion vedrørende præferencelån
The transfer of liability and potential transfer of funds to the holder of the bank acceptance also explain why banks recognize bank acceptances as loans.
Undersøgelsen viste, at alle de stikprøveudtagne eksporterende producenter havde fordel af præferencelånene i undersøgelsesperioden.
As far as obligations and risks are concerned, the Commission considered that these are equivalent as the banks need to have the funds available from the day of issuance, they have an unconditional pledge to pay the bank acceptance at the maturity of the bank acceptance in the case of default by the creditor.
Da der er tale om et finansielt bidrag, en fordel for de eksporterende producenter og specificitet, bør disse lån, kreditlinjer og bankveksler betragtes som udligningsberettigede subsidier.
One exporting producer claimed that following the Bank of Canada document, credit lines are not a legal requirement for bank acceptances on the Canadian market.
Det subsidiebeløb, der blev fastsat for præferencelån i undersøgelsesperioden for grupperne af virksomheder i stikprøven, er på:
In this regard, it is first noted that, the Bank of Canada document does not contain such a statement.
Tabel 1
On the contrary, it refers in several instances to the existence of an established credit line facility.
Virksomhed/gruppe
On this basis, this claim was rejected.
Det samlede subsidiebeløb
In accordance with Article 6(c) of the basic Regulation, the benefit thus conferred on the recipients is considered to be the difference between the amount that the company pays for the provision of bank acceptances by Chinese financial institutions and the amount that the company would pay for a comparable bank acceptances obtainable on the Canadian market as benchmark.
Jinhua Vision Industry og Yongkang Hulong Electric Vehicle
In order to determine the benefit, the Commission compared the bank acceptance fee paid by the sampled exporting producer concerned with the CDOR -which is the recognized Canadian benchmark index for bank acceptances with a term to maturity of one year or less- adjusted with the appropriate mark-up to take account of the creditworthiness of the buyers (stamping fee).
Præferentiel finansiering og forsikring: eksportkreditforsikring
In the absence of information on the level of the stamping fee, the same mark-up as the one used for loans denominated in RMB (see recital (284)) was used.
Klageren påstod, at Sinosure ydede eksportkreditforsikring på præferencevilkår til producenterne af den pågældende vare.
Additionally, with an analogy to the situation in Canada and in accordance with Article 6 (d)(ii), a benefit for the credit line facility that should have been in place was also calculated on the basis of the benchmark mentioned above in the recital (299) using the highest amount of bank acceptance liabilities from each individual bank at a given moment in the IP as a basis for the calculation.
Retsgrundlag
In accordance with Article 6(b) of the basic Regulation, for those bank acceptances that extended the payment term of the liabilities to the suppliers, a benefit was also calculated in the form of a de facto interest free short term loan to the sampled exporting producers concerned.
Meddelelse om gennemførelsen af strategien for fremme af handel gennem videnskab og teknologi gennem anvendelse af eksportkreditforsikring, (Shang Ji Fa [2004] Nr. 368), udstedt i fællesskab af MOFCOM og Sinosure.
In order to determine this benefit, the Commission used the same methodology as that described in recital (284) for loans denominated in RMB.
Meddelelse om offentliggørelse af 2006-fortegnelsen over eksport af højteknologiske produkter i Kina, Guo Ke Fa Ji Zi [2006] nr. 16.
Following disclosure, one interested party claimed that the Commission erroneously double counted the benefits by adding the‘bill of acceptance –credit line arrangement fee’ and ‘bill of acceptance - preferential interest’ that should have been paid on the de facto loan to the benefit calculated for the bank acceptance fee.
Resultater af undersøgelsen
In this regard, it should be noted that the evidence at hand concerning this particular exporting producer shows that the bank acceptances extended the payment terms of the invoices to which they referred.
Tre ud af fem grupper af stikprøveudtagne eksporterende producenter havde udestående eksportforsikringsaftaler med Sinosure i løbet af undersøgelsesperioden.
As a consequence, they were considered as a de facto loan.
Som anført i betragtning 157, besvarede Sinosure dog kun delvist det særlige spørgeskema vedrørende eksportkreditforsikring, der var blevet givet til de stikprøveudtagne eksporterende producenter.
On these grounds, and as explained in recital (335) a benefit was also calculated in the form of a de facto interest free short term loan.
Som nævnt i betragtning 156-162 forelagde Sinosure imidlertid ikke den fornødne dokumentation for sin virksomhedsledelse, såsom årsberetningen eller vedtægterne.
Furthermore, as explained in recital (334) in analogy with the situation of the Canadian market, regardless of the existence of a de facto loan, a benefit for the credit line facility that should have been in place was also calculated.
Under kontrolbesøget hos den kinesiske regering var Sinosure også til stede og bekræftede, at det fuldt ud er statsejet.
On the basis of the above, this claim had to be rejected.
Derudover afgav Sinosure heller ikke nogen specifikke oplysninger om dens eksportkreditforsikring til industrien for elektriske cykler, præmiestørrelser eller detaljerede tal vedrørende eksportkreditforsikringsvirksomhedens rentabilitet.
Another interested party claimed that calculating a credit line benefit in addition to the guarantee fee amounted to double counting on the grounds that the guarantee fee should be considered sufficient to cover financial cost and risks relating to the issuance of bank acceptance.
Derfor var Kommissionen nødt til at supplere de oplysninger, der blev afgivet, med de foreliggende faktiske oplysninger.
It also argued that, in the case of a written credit line agreement, it is unfounded to consider that a bank would charge a fee for arranging such credit line.
Det fremgår af Sinosures svar på spørgeskemaet, at Sinosure er et statsejet offentligt forsikringsselskab, der er etableret og støttet af staten med det formål at støtte Kinas udenlandske økonomiske og handelsmæssige udvikling og samarbejde.
It also claimed that the benchmark for the guarantee fee and credit line fee should stem from the same source.
Virksomheden ejes 100 % af staten.
In this regard, it is referred to recital (323) which provides that borrowers need to have a credit line facility on which they will draw.
Den har en bestyrelse og et tilsynsråd.
Furthermore, as mentioned in recital (318), it is recalled that the credit line facility contracts of several sampled exporting producers foresee that the facility can be used for various types of loans including bank acceptances.
Den kinesiske regering har beføjelse til at udnævne og afskedige virksomhedens øverste ledelse.
Furthermore, the Bank of Canada document also foresees that ‘arrangement and agency fees are also applicable to both prime-and BA-based lines of credit’.
På grundlag af spørgeskemabesvarelsen samt de oplysninger, der blev givet under kontrolbesøget, konkluderede Kommissionen, at der er formelle indicier for statslig kontrol med Sinosure.
In analogy with the situation on the Canadian market, it was considered reasonable to integrate a credit line arrangement fee in the calculation of the benefit.
På dette grundlag konkluderede Kommissionen, at den kinesiske regering har skabt normative rammer, der skal følges af ledere og tilsynsførende, som er udpeget af den kinesiske regering og er ansvarlige over for den kinesiske regering.
As far as the source of the benchmarks is concerned, reference is made to section 3.3.1 and the fact that the Commission had to partially rely on facts available when examining the existence and the extent of the alleged subsidisation granted through preferential lending.
Derfor støttede den kinesiske regering sig til de normative rammer for at udøve betydelig kontrol med ledelsen af Sinosure.
In any case, it is considered that the information used is reasonable and reflects standard market conditions.
Kommissionen søgte også at få konkrete beviser for udøvelsen af betydelig kontrol gennem forsikringsaftaler.
One interested party claimed that the Commission did not demonstrate the ‘less favourable terms’ of other Chinese commercial banks and that it did not justify why an out-of-country benchmark would be appropriate and that it did not make the necessary adjustments to ensure comparability.
Under kontrolbesøget fastholdt Sinosure, at dens præmier i praksis var markedsorienterede og baseret på principperne om risikovurdering.
In this regard, it is recalled that, as explained in section 3.3.1, the GOC cooperated only partially as far as preferential lending is concerned and that the Commission had to partially rely on facts available when examining the existence and the extent of the alleged subsidisation granted through preferential lending.