natgillin/translations-raw huggingface dataset:
Moreover, the Commission observed that the majority of loan contracts which the Commission had obtained from the sampled companies had similar conditions and that the lending rates which had been agreed were similar and partly overlap with the rates provided by the five cooperating state-owned banks.
Kuid kontserni kasumlikkus oli perioodil 2012–2015 jätkuvalt nõrk, osutades sellele, et väikesed muutused kontsernisiseses või -välises ärikeskkonnas võivad kontserni kahjumisse viia.
The Commission considered therefore that the findings for the five cooperating state-owned banks constituted the best facts available for assessing the 30 other state-owned banks, due to those similarities in loan conditions and lending rates and the representativeness of the five financial institutions that were verified.
Äriühingu võlakordaja on suur, kuid sellise kapitalimahuka tööstusharu nagu terasetööstus puhul siiski jätkusuutlik.
On that basis, the Commission concluded that the other 30 state-owned banks which provide loans to the sampled companies are public bodies within the meaning of Articles 3 and 2(b) of the basic Regulation.
See üldine arusaam leidis kohapeal kinnitust.
After disclosure, the GOC objected to the assessment of the formal indicia of control by the Commission, stating that the Commission had made a general country-wide assessment of all financial institutions without taking into account the core characteristics and functions of particular entities and their relationship with the government.
Komisjon märkis, et Hiina reitinguagentuur China Lianhe Credit Rating Co.
More specifically, the GOC held that a difference should be made between financial institutions held by SOEs and those which are directly held by the GOC.
Ltd. on andnud Jiangsu Shagang Groupile AAA-reitingu võlakirjade emiteerimiseks Hiina turul.
As far as the country-wide assessment is concerned, the Commission noted that it had carried out a specific public-body-analysis for each of the financial institutions for which the GOC had submitted the relevant information requested.
Samas märkis komisjon ka seda, et Rahvusvahelise Valuutafondi [28] hiljutine uuring tõi välja olulised erinevused Hiina kohalike reitinguklasside ja rahvusvaheliste reitinguklasside vahel.
Unfortunately, the GOC did not submit information for all the other financial institutions that extended loans to the sampled cooperating exporting producers, as explained in section 3.2.
Näiteks on üle 90 % Hiina võlakirjadest saanud kohalikelt reitinguagentuuridelt AA- kuni AAA-reitingud, samal ajal on USA turul selliseid tippreitinguid omistatud vähem kui 2 %-le ettevõtetest.
The Commission was thus forced to make a public-body-analysis on the basis of best facts available.
Seda olukorda kinnitab ka allpool esitatud joonis, mis pärineb uuringust: Rahvusvaheline reiting (S&P)
Conclusion on state-owned financial institutions
Ülepaisutatud võlakirjareitingud
In light of the above considerations the Commission found that all 35 state-owned Chinese financial institutions that provided loans to the four sampled groups of cooperating exporting producers are public bodies within the meaning of Articles 3 and 2(b) of the basic Regulation.
Allikas: HSBC
In addition, even if the state-owned financial institutions were not to be considered as public bodies, the Commission found that they would also be considered 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 for the same reasons, as set out in recitals (143) and (144) below.
Vastuolud kohalike ja rahvusvaheliste reitingute vahel
Thus, their conduct would be attributed to the GOC in any event.
Selle alusel tegi komisjon järelduse, et isegi kui Hiina reitinguagentuur andis äriühingule Jiangsu Shagang Group hea krediidireitingu, ei ole see usaldusväärne.
The following eight financial institutions were considered to be privately owned: HSBC, Standard Chartered Bank, Ping An Bank, Australia & New Zealand Banking Group (China) Limited, Shagang Group Finance, DBS Group (China) Limited, Bank of Beijing, Hang Seng Bank.
Lisaks oli laenude tabelis märkimisväärne hulk lühiajalisi laene asendatud tähtaja möödumisel uute laenudega samale summale.
In addition, Jinfeng Rural Commercial Bank and SPB Bank were considered to be private in the absence of any publicly available information on their ownership structure.
Peale selle sai kontserni üks valimisse kaasatud äriühing lühiajalise laenu finantseerimisasutuselt, mis on spetsialiseerunud väga kõrge intressimääraga (14–16 %) halbadele laenudele, mis näitab samuti, et äriühingul oli uurimisperioodil likviidsusprobleeme.
The Commission analysed whether these financial institutions had been entrusted or directed by the Government of China to grant subsidies to the steel sector within the meaning of Article 3(1)(a)(iv) of the basic Regulation.
See olukord kinnitas veel kord komisjoni hinnangut, mille kohaselt tuleks Jiangsu Shagang Groupile antud Hiina AAA-reiting lugeda ebausaldusväärseks.
According to the WTO Appellate Body, ‘entrustment’ occurs where a government gives responsibility to a private body and ‘direction’ refers to situations where the government exercises its authority over a private body [20].
Viimaseks sai Jiangsu Shagang Groupi emiteeritud kommertsväärtpaber 2013. aastal Moody Prime-1 reitingu.
In both cases, the government uses a private body as proxy to effectuate the financial contribution, and ‘in most cases, one would expect entrustment or direction of a private body to involve some form of threat or inducement’ [21].
Samas põhines see reiting Ban of China New Yorgi Melloni harukontori reitingul ja garantiil, mis anti just sel põhjusel, et Jiangsu Shagang Groupil ei olnud endal usaldusväärset ja sõltumatut reitingut.
At the same time, paragraph (iv) does not allow Members to impose countervailing measures to products ‘whenever the government is merely exercising its general regulatory powers’ [22] or where government intervention ‘may or may not have a particular result simply based on the given factual circumstances and the exercise of free choice by the actors in that market’ [23].
Laenu andev finantseerimisasutus ei olnud hinnanud krediidivõimet.
Rather, entrustment and direction implies ‘a more active role of the government than mere acts of encouragement’ [22] Appellate Body Report, DS 296, para.
Seega, et kasu kindlaks teha, pidi komisjon hindama, kas Jiangsu Shagang Groupile võimaldatud laenu intressimäärad vastavad turutingimustele.
115.
Mitteinvesteerimisjärgu võlakirju peetakse spekulatiivseteks.
The Commission noted that the normative framework concerning the steel industry mentioned above in recitals (100) to (120) applies to all financial institutions in the PRC, including privately owned financial institutions.
Mitteinvesteerimisjärgu saanud võlgnikel on tõenäoliselt mõned kvaliteetsed ja kaitsvad tunnused, kuid suur ebakindlus või suurem kokkupuude ebasoodsate tingimustega võib selle üles kaaluda.
To illustrate this, the notice ‘Several Opinions on Resolving Overcapacity’ is addressed to all policy banks, large banks, joint-stock banks, postal savings banks, foreign-invested banks, financial asset management companies, and other financial institutions under the management of the CBRC.
BB-reiting on selle kategooria kõrgeim reiting, mis annab tunnistust asjaolust, et võlgnik on lähiperioodil vähem haavatav kui teised madala reitinguga võlgnikud.
Furthermore, the verification visits in the sampled companies revealed that the majority of loan contracts which the Commission had obtained from the sampled companies had similar conditions, and that the lending rates provided by the private financial institutions were similar and partly overlapped with the rates provided by the publicly owned financial institutions.
Kuid tal tuleb puutuda kokku pideva suure ebakindluse ja ebasoodsate äri-, finants- või majandustingimustega, mille tagajärjel ei tarvitse võlgnik olla võimeline finantskohustusi täitma Standard and Poor'si krediidireitingute määratluse kohaselt.
The Commission also sent letters to these ten financial institutions with a request for further information on their loan practices and risk assessment Only one replied, indicating that it could not reply without having consulted the regulatory authorities.
Selle reitinguga (BB) ettevõtjate väljastatud võlakirjadelt eeldatavaid riskipreemiaid kohaldati seejärel Hiina rahvapanga tavapärase laenuintressimäära suhtes, et teha kindlaks turuintressimäär.
Hence, none of these institutions provided any evidence contradicting the Commission's findings.
Riskimarginaali määramiseks arvutati USA A-reitinguga äriühingute võlakirjade ja USA BB-reitinguga äriühingute võlakirjade indeksite vaheline suhteline hinnaerinevus Bloombergi tööstussegmentide andmete alusel.
In the absence of any divergent information received from the private financial institutions, the Commission concluded that, in so far as the steel industry is concerned, all financial institutions (including private financial institutions) operating in China under the supervision of the CBRC have been entrusted or directed by the State in the sense of Article 3(1)(a)(iv), first indent of the basic Regulation to pursue governmental policies and provide loans at preferential rates to the steel industry.
Arvutatud suhteline riskimarginaal lisati seejärel viitintressimäärale, mille Hiina rahvapank avaldas laenu andmise kuupäeval, asjaomase laenuga samaks ajaperioodiks.
Following disclosure, the GOC observed that the Commission needed to clarify whether it applied the ‘entrustment’ or ‘direction’ standard, as both are mutually exclusive.
Seda tehti eraldi iga äriühingule antud laenu puhul.
Furthermore, the GOC asserted that the Commission's interpretation of entrustment or direction was too narrow, as it focused on a legal standard implying ‘a more active role of the government than mere acts of encouragement’.
Mis puutub välisvaluutas nomineeritud laenudesse Hiina RVs, siis turumoonutuste ja nõuetekohaste krediidireitingute osas valitseb sarnane, sest need laenud on andnud samad Hiina finantseerimisasutused.
The GOC on the other hand maintained that the Panel in US — Export Restraints required a deeper analysis based on the existence of (i) an explicit and affirmative action, be it delegation or command, (ii) addressed to a particular party, and (iii) the object of which action is a particular task or objective.
Seepärast, nagu varemgi leitud, kasutati uurimisperioodil emiteeritud asjakohaselt vääringustatud BB-reitinguga äriühingute võlakirju, et määrata kindlaks kasumimarginaal, mida kohaldati USD Libori laenuintressi suhtes, et määrata kindlaks sobiv võrdlusalus.
[24]
Lisaks, et võtta arvesse suurenenud riski, millele osutab vaba tagasimaksega laenude kasutamine kuumvaltsitud lehtterastoodete valmistamisega seotud üksikute äriühingute tasandil, püüdis komisjon kindlaks määrata veel üht sobivat võrdlusalust Hiina turul.
On the first point, the Commission considered that the ‘entrustment’ and ‘direction’ standards were not mutually exclusive, since in both cases, the government uses a private body as proxy to effectuate a financial contribution.
Sellega seoses märkis komisjon, et üks riigiosalusega pank andis ühele Jiangsu Shagang Groupi äriühingule laenu maksetähtajaga 16 kuud ja intressimääraga, mis jäi vahemikku 14–16 %.
Concerning the second point, the Commission disagreed with the GOC's interpretation of the legal standard to be applied.
Jiangsu Shagang Groupi kohaselt tulenes võrdlemisi kõrge intressimäär asjaolust, et see konkreetne finantseerimisasutus on spetsialiseerunud laenude andmisele finantsprobleemidega äriühingutele, ja kõnealune äriühing kasutas selle teenuseid ajutiste likviidsusprobleemide leevendamiseks.
As already described in recital (142) above, the Commission based itself on subsequent WTO case law, in which the Appellate Body held that the replacement of the words ‘entrusts’ and ‘directs’ by ‘delegation’ and ‘command’ was too rigid as a standard [25] It follows that the standard of proof established by the Appellate Body in this case was less strict than the original Panel's interpretation in the US — Export Restraints case.
Arvestades seda, et vaba tagasimaksega laenud annavad sageli tunnistust lühiajalistest likviidsusprobleemidest, peetakse laenu tingimusi ja maksetähtaega sobivaks peegeldamaks vaba tagasimaksega laenude kasutamisest saadavat lisakasu.
In any event, the GOC failed to put forward any evidence or argument to rebut the Commission's findings about entrustment or direction in the sense of Article 3(1)(a)(iv) of the basic Regulation in the present investigation.
Seega kiitis komisjon heaks selle näitaja kasutamise asjakohase võrdlusalusena kõikide kuni kaheaastase maksetähtajaga laenude puhul, mida antakse vaba tagasimaksega laene kasutavatele tootmisettevõtetele.
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.
Võttes arvesse kõnealuseid märkusi, saatis komisjon seejärel kõikidele huvitatud isikutele täiendava dokumendi, milles komisjon selgitab kasutatud metoodikat.
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.
Kokkuvõttes laekusid järgmised märkused:
Following disclosure, the GOC indicated that, based on the AB report in US-Aircraft (Second Complaint), the specificity analysis should focus not only on ‘the particular recipients identified in the complaint, but … also on all enterprises or industries eligible to receive that same subsidy’ [26] and that, according to the Panel report in EC — Aircraft [27], in order to be specific, a subsidy must be provided to a sufficiently limited ‘group’ of enterprises or industries.
rahvusvahelises pangandustegevuses tuginetakse võrdlusnäitajale, millele lisatakse täiendav riskipreemia, mida väljendatakse absoluutnäitajana, mitte suhtelise näitajana.
The GOC also submitted that the Commission failed to specify which part of the documents referred to by the Commission concerns the explicit granting of preferential loans to the steel industry.
Selleks võib näiteks olla IBOR, LIBOR või EURIBOR pluss 1 %.
In this respect, the Commission referred to the documents that were listed in recital (100) above.
Seega kajastavad intressimäära kaks osa riigi või vääringu riski (see osa intressist, mis vastab keskpanga intressimäärale või ettevõtte riskivabale intressimäärale) ja ettevõttepõhist riski (milleks on absoluutnäitaja BB-reitinguga äriühingute puhul).
It considered that references to the steel industry are sufficiently clear as this industry is identified either by its name or by a clear reference to the product that it manufactures or the industry group that it belongs to.
Suhteline riskimarginaal suureneb riskivaba intressi langedes ja seda ka siis, kui absoluutne riskimarginaal ei muutu.
Moreover, the fact that the GOC supports a limited group of encouraged industries, including the steel industry, makes this subsidy specific.
Sellise meetodi korral kasvab suhteline riskimarginaal eriti suureks negatiivsete intresside korral.
Benefit and calculation of the subsidy amount
Hiina valitsuse esitatud varasemate dokumentide kohaselt (edaspidi „varasemad andmed riskimarginaali kohta“) jääb absoluutne riskimarginaal üldjoontes ajas muutumatuks, kuigi suhteline riskimarginaal teeb suuri hüppeid.
The Commission calculated the amount of the countervailable subsidy.
Keskmine absoluutne riskimarginaal käitub ajas üsna sarnaselt absoluutse riskimarginaali käitumisega uurimisperioodil.
For this calculation it assessed the benefit conferred on the recipients during the IP.
Komisjon kasutas uurimisperioodil keskmist suhtelist riskimarginaali erineva lõpptähtajaga laenude puhul, mis jäid vahemikku 1–10 aastat.
According to Article 6(b) of the basic Regulation, the benefit conferred on the recipients is the difference between the amount of interest that the company pays on the government loan and the amount that the company would pay for a comparable commercial loan obtainable on the market.
Suhtelise riskimarginaali meetod andis tegelikkuses erineva lõpptähtajaga võlakirjade korral suuri erinevusi sõltuvalt laenu kestusest ja ilmnes, et absoluutne riskimarginaal ja suhteline riskimarginaal liiguvad eri lõpptähtaegade puhul eri suundadesse.
In this regard, the Commission noted a number of specificities on the Chinese steel market.
Kui kasutada üht keskmist suhtelist riskimarginaali erineva lõpptähtajaga võlakirjade korral kaalutud keskmise asemel, langeb liiga suur kaal lühikese lõpptähtajaga võlakirjadele, sest tüüpiliselt antakse võlakirjad välja pika lõpptähtajaga.
The sampled groups of companies differ in terms of their general financial situation.
Suhtelise riskimarginaali meetodiga seoses on kasutatud vale võrdlusintressimäära Hiina rahvapanga laenude puhul, mis anti välja enne 2015. aastat, kuid mis olid (osaliselt) veel tagasi maksmata 2015. aastal, sest komisjon kasutas Hiina rahvapanga intressimäära, mis vastas laenu väljaandmise ajahetkele.
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.
Selle asemel oleks komisjon pidanud kasutama Hiina rahvapanga 2015. aasta intressimäära.
For those two reasons, each company had a different average interest rate based on its own set of loans received.
Allikates, mida on nimetatud täiendavas järelduste avalikustamise dokumendis, viiatakse sellele, et suhtelise riskimarginaali meetodit kasutatakse tootluse suhtes, mitte aga pankadest saadud laenuintressimäärade erinevuse suhtes.
The Commission found during the investigation that the Chinese financing practices in the steel market, as shown by the four sampled groups of producers, are characterised by ‘revolving loans’, i.e. loans which allow a company to replace the capital repaid on loans at the maturity date by fresh capital from new loans.
Ükski allikas ei väitnud, et seda erinevust tuleks väljendada suhtelise väärtusena, ja mitte kõik neist ei olnud usaldusväärsed allikad.
According to the Chinese guidelines on risk-based loan classification, they should be classified as so called ‘concerned’ loans, indicating that even though a borrower is currently able to repay the principal and interest of the loan, there are some factors which may negatively affect its repayment ability.
Esimese punkti kohta tunnistas komisjon, et kommertspangad kasutavad tavaliselt absoluutväärtuses esitatud juurdehindlust.
However, this was not done in practice as explained above in recital (125).
Komisjon märkis, et selline tava põhineb peamiselt praktilistel põhjustel, kuna intressimäär on lõppkokkuvõttes absoluutarv.
The Commission assessed individually the financial situation of each sampled group of exporting producers in order to reflect these particularities.
Saadud absoluutarv on aga riskihinnangu ümberarvestus, mis põhineb suhtelisel hinnangul.
The Commission first analysed the general financial situation and the existence of revolving loans at group level.
BB-reitinguga äriühingu makseviivituse risk realiseerub X % tõenäolisemalt kui valitsuse või riskivaba äriühingu makseviivituse risk.
This analysis was then further extended to the individual companies in the group operating at the level of the HRF production.
See on suhteline hinnang, mida näitlikustavad Hiina valitsuse esitatud andmed ajaloolise riskimarginaali arengu kohta (vt analüüsi allpool).
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.
Suhteline riskimarginaal kajastab põhilisi turutingimusi, mida absoluutse riskimarginaali järgimisel ei väljendata.
The Jiangsu Shagang Group presented itself in a generally profitable situation during the IP, according to its own financial accounts.
Teise ja kolmanda punkti puhul nõustus komisjon alguses väidetuga, et intressimäärad kajastavad lisaks äriühingu riskiprofiilile ka riigi- ja valuutaga seotud riske.
However, the profitability of the group was continuously weak over the period 2012-2015, indicating that minor changes in the internal or external business environment could expose the group to a loss-making situation.
Tihti, nagu ka käesoleva juhtumi puhul, muutuvad riigi- ja valuutapõhised riskid aja jooksul ning need muutused on eri riikides erinevad.
Its debt to assets ratio is high, but sustainable in a capital intensive industry such as the steel industry.
Selle tagajärjel muutuvad riskivabad intressimäärad aja jooksul oluliselt ja mõnikord on need madalamad USAs, ja mõnikord Hiinas.
This general perception was confirmed on-spot.
Need erinevused on seotud selliste teguritega nagu täheldatud ja oodatav SKP kasv, majanduskliima ja inflatsiooni tase.
The Commission noted that the Jiangsu Shagang Group has been awarded an AAA rating by the Chinese credit rating agency China Lianhe Credit Rating Co., Ltd., for the issuance of bonds in the Chinese market.
Kuna riskivaba intressimäär aja jooksul muutub, võib sama nominaalne absoluutne riskimarginaal tähistada väga erinevaid riskihinnanguid.
However, the Commission also noted that a recent study published by the International Monetary Fund [28] showed significant divergences between local Chinese rating grades and international rating grades.
Näiteks, kui pank hindab konkreetse äriühingu makseviivituse riski 10 % kõrgemaks kui on riskivaba intressimäär (suhteline hinnang), siis võib sellest tulenev absoluutne riskimarginaal olla 0,1 % (1 % riskivaba määra juures) kuni 1 % (10 % riskivaba määra juures).
For example, over 90 % of Chinese bonds are rated AA to AAA by local rating agencies, whereas less than 2 % of firms enjoy such top-notch ratings in the U.S. market.
Investori seisukohast on suhteline riskimarginaal seega parem mõõt, kuna see kajastab paremini võlakirjade tootluse vahet ja seda, kuidas baasintressimäära tase seda mõjutab.
This is further illustrated in the graph below taken from the study:
Selline meetod ei olene riigist.
Inflated Bond Ratings
Näiteks, kui riskivaba määr on USAs madalam kui Hiinas, on selle meetodi tulemuseks kõrgemad absoluutsed juurdehindlused.
(In percent, share of local rating in onshore bond market by 2015)
Teisest küljest, kui riskivaba määr on Hiinas madalam kui USAs, on selle meetodi tulemuseks madalamad absoluutsed juurdehindlused.
International Rating (S&P)
Pärast finants- ja majanduskriisi jäi suhteline riskimarginaal kõrgemale tasemele, kui see oli enne kriisi.
China Local Rating Sovereign rating
Selline suhtelise marginaali kõrgenenud tase kajastab palju halvemaks muutunud makromajanduslikke põhinäitajaid ja pärsitud kogunõudlust, mis samuti põhjustasid inflatsioonimäära languse USAs (ja teistes arenenud majandusega riikides) väga madalale tasemele.
Source: HSBC.
Hiina RV valitsuse esitatud andmetest on näha, et absoluutne riskimarginaal ei kajasta halvenenud alusnäitajaid.
Inconsistent Local and International Ratings
Turutingimuste muutus väljendub suhtelises riskimarginaalis, mis oli 2006. aastal 27 % ja 2017. aastal 46 %.
On this basis, even if the Jiangsu Shagang group is awarded a good credit rating by a Chinese rating agency, the Commission concluded that this rating is not reliable.
Viimasena tunnistas komisjon, et suhtelise riskimarginaali meetodi kasutamine negatiivse intressimäära puhul annaks liialdatud tulemused.
At the level of the individual companies involved in the production of HRF, losses were recorded in the accounts during the IP, but this was not a recurring situation, and other financial indicators, such as the debt to assets ratio or the interest coverage ratio did not indicate any significant structural problems regarding the companies' debt repayment abilities.
Praegusel juhul sellist meetodit siiski ei kaaluta.