natgillin/translations-raw huggingface dataset:
The Commission sought clarifications from the government of the PRC on the definition and wording stated in the Circular 251 as well as to its preceding legislation (Circular of the PBOC concerning expansion of Financial Institution's Loan Interest Rate Float Range — YinFa [2003] No 250).
Komisija je od vlade NRK-a zatražila objašnjenja definicije i teksta koji su navedeni u Okružnici 251. te objašnjenja u odnosu na prethodno zakonodavstvo (Okružnica NBK-a o proširenju raspona promjena kamatnih stopa zajmova financijskih institucija – YinFa [2003.] br. 250.).
However, as described in Section C.2.2 above, the government of the PRC did not provide these Circulars.
Međutim, kako je opisano u prethodnom odjeljku C.2.2., vlada NRK-a nije dostavila te okružnice.
The government of PRC claimed however that Circular 250 has been repealed by Circular 251 and that the floor lending rates have been abolished as from July 2013 and therefore there is no State involvement in the banking sector.
Međutim, vlada NRK-a tvrdila je da je Okružnica 250. stavljena izvan snage Okružnicom 251. i da su donje granice kamatnih stopa ukinute od srpnja 2013., što znači da država nije uključena u bankarski sektor.
The abolition of the floor lending rates occurred however during the investigation period.
Međutim, donje granice kamatnih stopa ukinute su tijekom razdoblja ispitnog postupka.
Accordingly, the PBOC influenced the setting of interest rates by State-owned banks for the main part of the investigation period.
U skladu s time, NBK je utjecao na određivanje kamatnih stopa banaka u državnom vlasništvu za najveći dio razdoblja ispitnog postupka.
In addition, the investigation did not show any immediate effect from the abolition on the loans received by the sampled producers.
Osim toga, ispitnim postupkom nije se pokazao nikakav neposredan učinak tog ukidanja na zajmove koje su primili proizvođači u uzorku.
In any case the floor on interest rates that existed during the investigation period is not the sole argument as to why the Commission considers State-owned banks as public bodies.
U svakom slučaju, najniži iznos kamatnih stopa koji je bio na snazi u razdoblju ispitnog postupka nije jedina tvrdnja zbog koje Komisija smatra banke u državnom vlasništvu javnim tijelima.
The findings established in the anti-subsidy investigations concerning Solar Panels [22] and Solar Glass [23], where it was established that State-owned banks in the PRC act as public bodies (see recitals 158 to 168 of the solar panels Regulation and recital 73 of the Solar Glass regulation) are also facts available in this investigation with regard to the public body status of the state owned banks.
Nalazi antisubvencijskih ispitnih postupaka u pogledu solarnih ploča [22] i solarnog stakla [23], u kojima je utvrđeno da banke u državnom vlasništvu NRK-a djeluju kao javna tijela (vidjeti uvodne izjave 158. do 168. Uredbe o solarnim pločama i uvodnu izjavu 73. Uredbe o solarnom staklu), predstavljaju činjenice dostupne u ovom ispitnom postupku u pogledu statusa banaka u državnom vlasništvu kao javnih tijela.
These facts are summarised as follows:
Te su činjenice sažete u nastavku teksta.
State-owned banks hold the highest market share and are the predominant players on the market in the PRC,
Banke u državnom vlasništvu drže najveći tržišni udio i prevladavajući su sudionici na tržištu u NRK-u,
on the basis of facts available State-owned banks are controlled by the government by means of ownership and administrative control of their commercial behaviour including limits on interest rates they can offer,
Na temelju dostupnih činjenica vlada nadzire banke u državnom vlasništvu s pomoću vlasničkog i administrativnog nadzora njihova poslovanja uključujući ograničenja na kamatne stope koje mogu ponuditi,
the banking law and other laws and Regulations require banks to lend according to the needs of the national economy, provide credit support to encouraged projects, and give priority to new and high technology enterprises.
Zakonom o bankama te ostalim zakonima i uredbama od banaka se zahtijeva da daju zajmove u skladu s potrebama nacionalnoga gospodarstva, pružaju potporu u obliku kredita za poticane projekte i daju prioritet poduzećima nove i visoke tehnologije.
On the basis of the above, it is concluded that State-owned banks perform government functions on behalf of the government of the PRC, namely mandatory promotion of certain sectors of the economy in line with state planning and policy documents.
Na temelju prethodno navedenoga zaključuje se da banke u državnom vlasništvu provode vladine funkcije u ime vlade NRK-a, odnosno obvezno promiču određene gospodarske sektore u skladu s dokumentima državnog planiranja i državne politike.
The extensive government ownership in the State-owned banks confirms that the banks are controlled by the government in the exercise of their public functions.
Znatno vlasništvo vlade nad bankama u državnom vlasništvu potvrđuje da vlada upravlja tim bankama u izvršavanju njihovih javnih funkcija.
The government of the PRC exercises meaningful control over State-owned banks through the government's omnipresent involvement in the financial sector and the requirement for State-owned banks to follow government policies.
Vlada NRK-a vrši znatnu kontrolu nad bankama u državnom vlasništvu i bankama za provedbu državne politike svojim prodornim uključivanjem u financijski sektor i zahtijeva da banke u državnom vlasništvu slijede vladine politike.
State-owned banks are therefore considered to be public bodies because they possess, are vested with, and exercise, governmental authority.
Stoga se banke u državnom vlasništvu smatraju javnim tijelima jer imaju i provode vladine ovlasti.
Following disclosure the government of the PRC disputed this conclusion stating that the Commission had not set out the reasons why they considered that State-owned banks were public bodies.
Nakon objave vlada NRK-a osporila je taj zaključak navodeći da Komisija nije utvrdila razloge zbog kojih smatra da su banke u državnom vlasništvu javna tijela.
The Commission is satisfied that the facts set out in the above recitals justify the conclusion that State-owned banks are public bodies.
Komisija smatra da se činjenicama objašnjenima u prethodnim uvodnim izjavama opravdava zaključak da su banke u državnom vlasništvu javna tijela.
While the overwhelming majority of the loans received by the sampled exporting producers are provided by State-owned banks, the investigation revealed that a small amount of loans is provided by privately-owned banks.
Iako su veliku većinu zajmova koje su primili proizvođači izvoznici u uzorku dale banke u državnom vlasništvu, ispitnim postupkom otkriveno je da su mali dio zajmova dale banke u privatnom vlasništvu.
The Commission therefore analysed whether privately-owned banks in the PRC are entrusted and/or directed by the government of the PRC to provide preferential loans to filament glass fibre producers, within the meaning of Article 3(1)(a)(iv) of the basic anti-subsidy Regulation.
Komisija je stoga analizirala povjerava li vlada NRK-a ovlasti i/ili upravlja privatnim bankama u NRK-u kako bi te banke davale povlaštene zajmove proizvođačima filamentnih staklenih vlakana u smislu članka 3. stavka 1. točke (a) podtočke iv. Osnovne antisubvencijske uredbe.
Article 34 of the banking law states that private banks are also instructed to ‘carry out their loan business upon the needs of national economy and the social development and with the spirit of state industrial policies’ [24].
U članku 34. Zakona o bankama upućuje se banke da „poslovanje sa zajmovima provode u skladu s potrebama nacionalnoga gospodarstva i društvenog razvoja te u duhu državnih industrijskih politika” [24].
The investigation showed that for the sampled exporting producers the interest rates applied by State-owned and private banks were in general at very similar levels.
Ispitnim postupkom pokazalo se da kamatne stope koje su na proizvođače izvoznike u uzorku primijenile banke u državnom vlasništvu i privatne banke općenito bile na vrlo sličnim razinama.
This indicates that State-owned banks, which are the predominant actors on the banking and lending market in the PRC, set the interest rate levels and that private banks are simply following the rates set by State-owned banks (public bodies).
To upućuje na to da banke u državnom vlasništvu, koje su vodeći dionici na tržištu bankarstva i zajmova u NRK-u, određuju razine kamata, a privatne banke jednostavno prate te stope koje su odredile banke u državnom vlasništvu (javna tijela).
In these circumstances, it is concluded that private banks do not set their rates independently from State interference and that the lending strategy of the privately owned banks is directed by the government of the PRC.
U tim se okolnostima zaključuje da privatne banke ne određuju stope neovisno o uplitanju države te da strategijom davanja zajmova banaka u privatnom vlasništvu upravlja vlada NRK-a.
Following disclosure the government of the PRC disputed the Commission's interpretation of Article 34 of the banking law, stating that ‘the Commission is reading into Article 34 a meaning which is clearly not attributable to it’.
Nakon objave vlada NRK-a osporila je Komisijino tumačenje članka 34. zakona o bankama i navela da „Komisija ima tumačenje članka 34. koje tom članku jasno nije moguće pripisati”.
The government of the PRC has drawn the Commission's attention to other articles of the Banking Law, namely Articles 4, 5 and 7, which serve to ensure that loans are made without interference and after a credit assessment.
Vlada NRK-a upozorila je Komisiju na ostale članke Zakona o bankama, odnosno članke 4., 5. i 7., kojima se osigurava da se zajmovi daju bez uplitanja i nakon kreditne procjene.
The Commission acknowledges that these Articles exist but considers that they should be understood and read in light of the provisions of Article 34.
Komisija priznaje da ti članci postoje, ali smatra da ih je potrebno razumjeti i tumačiti u kontekstu odredaba članka 34.
In this respect it is recalled that neither the government of the PRC, nor the banks or the sampled companies concerned were able to demonstrate that loans were made without interference or with a proper credit assessment.
U tom pogledu podsjeća se da ni vlada NRK-a ni banke ili predmetna društva u uzorku nisu mogli dokazati da su zajmovi dani bez uplitanja ili uz ispravnu procjenu kredita.
On the contrary, the investigation revealed that one of the exporting producers was incurring losses but nevertheless succeeded in receiving loans from banks at normal interest rates without any mark-up for risk related to its difficult financial situation.
Suprotno tome, ispitnim postupkom otkriveno je da je jedan od proizvođača izvoznika ostvarivao gubitke, ali je svejedno uspijevao dobivati zajmove od banaka po uobičajenim kamatnim stopama bez ikakve prilagodbe za rizik povezan s njegovim lošim financijskim stanjem.
The Commission therefore concludes that privately owned banks are entrusted or directed by the government to provide preferential financing in a similar manner that the one provided by State-owned banks and thus, a financial contribution exists within the meaning of in Article 3(1)(a)(iv) of the basic anti-subsidy Regulation.
Komisija stoga zaključuje da vlada bankama u privatnom vlasništvu povjerava i usmjerava ih na povlašteno davanje financijskih sredstava na sličan način kao banke u državnom vlasništvu, čime nastaje financijski doprinos u smislu članka 3. stavka 1. točke (a) podtočke iv. Osnovne antisubvencijske uredbe.
With respect to the banks that provided loans to the cooperating exporting producers, the majority of them are State-owned banks and ultimately controlled by the government of the PRC.
Što se tiče banaka koje su dale zajmove proizvođačima izvoznicima koji surađuju, većinom je riječ o bankama u državnom vlasništvu kojima u konačnici upravlja vlada NRK-a.
These include the major commercial and policy banks in the PRC like the China Development Bank, the EXIM Bank, the Agricultural Bank of China, the Bank of China, the China Construction Bank and the Industrial and Commercial Bank of China.
To uključuje glavne poslovne banke i banke za provedbu državne politike u NRK-u kao što su Kineska razvojna banka, Banka EXIM, Poljoprivredna banka Kine, Kineska banka, Kineska banka za izgradnju te Industrijska i poslovna banka Kine.
Moreover, the Commission notes that the government of the PRC directs preferential lending to a limited number of industries.
Nadalje, Komisija napominje da vlada NRK-a upravlja davanjem povlaštenih zajmova ograničenom broju industrija.
For instance, Decision No 40 states that the government of the PRC will actively support the development of new materials industries and the filament glass fibre industry is considered as a new material industry.
Na primjer, Odlukom br. 40. propisano je da će vlada NRK-a aktivno podupirati razvoj industrija novih materijala, industrija filamentnih staklenih vlakana smatra se industrijom novih materijala.
Also, all financial institutions are instructed to provide credit support only to encouraged projects, the category in which the filament glass fibre projects belong.
Osim toga, sve financijske institucije upućuju se da pruže kreditnu potporu samo poticanim projektima, kategoriji kojoj pripadaju projekti staklenih vlakana.
That decision also promises the implementation of ‘other preferential policies on the encouraged projects’.
U toj se odluci obećava i provedba „ostalih povlaštenih politika za poticane projekte”.
The government of the PRC claimed the Commission wrongfully relied on decision 40 since the product concerned is not classified as an encouraged industry.
Vlada NRK-a tvrdila je da se Komisija pogrešno oslonila na Odluku 50. s obzirom na to da predmetni proizvod nije svrstan u poticane industrije.
Moreover even if it was accepted that the industry is encouraged the government claimed that the reliance on Decision No 40 cannot extend to an industry which is not listed in Decision No 9 (‘Industrial Restructuring Guidance Catalogue 2011’).
Nadalje, čak i kad bi se prihvatilo da se tu industriju potiče, vlada je tvrdila da se oslanjanje na Odluku br. 40. ne može proširiti na industriju koja nije navedena u Odluci br. 9. („Katalog uputa o industrijskom restrukturiranju iz 2011.”).
The sampled exporting producers belong to the categories of encouraged industries as established above (recitals 67-76) as well as to the high and new technology industries.
Proizvođači izvoznici u uzorku pripadaju kategorijama poticanih industrija kako je prethodno utvrđeno (uvodne izjave od 67. do 76.) i kategoriji industrija visoke i nove tehnologije.
In addition, contrary to the government's claim, special fibre glass and its products as well as furnaces for e-glass production are explicitly listed in Chapter XII point 6 of Decision No 9.
Osim toga, suprotno vladinoj tvrdnji, posebna staklena vlakna i proizvodi od tih vlakana te peći za proizvodnju E-stakla izričito su navedeni u poglavlju XII. točki 6. Odluke br. 9.
The claim is therefore unfounded.
Ta je tvrdnja stoga neutemeljena.
A benefit exists to the extent that government loans, or loans from private bodies entrusted or directed by the government, are granted on terms more favourable than the recipient could actually obtain on the market.
Postoji korist u mjeri u kojoj se državni zajmovi ili zajmovi od privatnih tijela, kojima to vlada povjerava ili koje ona usmjerava, odobravaju pod povoljnijim uvjetima nego što bi ih zajmoprimac mogao stvarno ostvariti na tržištu.
The necessity to rely on a benchmark
Potreba oslanjanja na referentnu kamatnu stopu
The Commission purported to verify the credit risk assessments carried out by the banks that lent money to the sampled exporting producers during the investigation period.
Komisija je nastojala provjeriti procjene kreditnog rizika koje su provele banke koje su posudile novac proizvođačima izvoznicima u uzorku tijekom razdoblja ispitnog postupka.
Some of the exporting producers were incurring losses.
Neki od proizvođača izvoznika ostvarivali su gubitke.
They nevertheless succeeded in receiving loans from banks at the benchmark rate without any mark-up for risk related to their worsening financial situation.
Unatoč tome, uspjeli su od banke dobiti zajmove po referentnoj kamatnoj stopi bez ikakvih prilagodbi za rizik povezan s njihovim sve lošijim financijskim stanjem.
Therefore, the Commission has reasons to question whether loans to filament glass fibre companies were based on a diligent risk assessment, and the interest rate set as a result of such an exercise.
Stoga Komisija ima razloge za preispitivanje jesu li se zajmovi društvima koja proizvode filamentna staklena vlakna temeljili na temeljitoj procjeni rizika i preispitivanje kamatne stope određene kao rezultat te procjene.
As explained above, since the loans provided by Chinese banks reflect substantial government intervention in the banking sector and do not reflect rates that would be found in a functioning banking market, an appropriate market benchmark has been constructed using the method described below.
Kako je prethodno objašnjeno, s obzirom na to da zajmovi koje daju kineske banke odražavaju znatno uplitanje vlade u bankarski sektor i ne odražavaju kamatne stope kakve se mogu naći na funkcionirajućem bankarskom tržištu, s pomoću metode koja je opisana u nastavku izračunana je odgovarajuća referentna vrijednost.
Furthermore, due to the lack of cooperation by the government of the PRC, the Commission has also resorted to facts available in order to establish an appropriate benchmark interest rate.
Nadalje, zbog nedostatka suradnje vlade NRK-a Komisija se poslužila i dostupnim činjenicama kako bi utvrdila odgovarajuću referentnu vrijednost za kamatnu stopu.
When constructing an appropriate benchmark for RMB denominated loans, it is considered reasonable to apply Chinese interest rates, adjusted to reflect normal market risk.
Prilikom izračuna odgovarajuće referentne vrijednosti za zajmove u domaćoj valuti CNY smatra se razumnim primijeniti kineske kamatne stope, prilagođene kako bi odražavale uobičajeni tržišni rizik.
Indeed, in a context where the exporters' current financial state has been established in a distorted market of bank loans and there is no reliable information from the Chinese banks on the measurement of risk and the establishment of credit ratings, it is considered necessary not to take the creditworthiness of the Chinese exporters at face value, but to apply a mark-up to reflect the potential impact of the Chinese distorted market on their financial situation.
Doista, u kontekstu u kojem je trenutačno financijsko stanje izvoznika utvrđeno na narušenom tržištu bankovnih zajmova te kada ne postoje pouzdane informacije kineskih banaka o mjerenju rizika i određivanju kreditnog rejtinga, smatra se potrebnim ne uzeti kreditnu sposobnost kineskih izvoznika nominalno, nego primijeniti uvećani iznos kako bi se odrazio mogući utjecaj poremećenog kineskog tržišta na njihovu financijsku situaciju.
The BB rated corporate bonds with relevant denominations issued during the IP were used as a benchmark.
Kao referente vrijednosti upotrijebljene su obveznice poduzeća po BB rejtingu u odgovarajućoj valuti izdane tijekom RIP-a.
As explained above, both the government of the PRC and the cooperating exporting producers were requested to provide information on the lending policies of the Chinese banks and the way loans were attributed to the exporting producers.
Kako je prethodno objašnjeno, od vlade NRK-a i proizvođača izvoznika koji surađuju zatraženo je da dostave podatke o politici davanja zajmova kineskih banaka i načinu na koje se zajmovi dodjeljuju proizvođačima izvoznicima.
Such information was however not provided.
Međutim, ti podaci nisu dostavljeni.
Accordingly in view of this lack of cooperation, given the totality of facts available, and in line with the provisions of Article 28(6) of the basic anti-subsidy Regulation, it is deemed appropriate to consider that all firms in China would be accorded the highest grade of ‘Non-investment grade’ bonds only (BB at Bloomberg) and apply the appropriate premium expected on bonds issued by firms with this rating to the standard lending rate of the People's Bank of China.
Prema tome, s obzirom na nedostatak suradnje i sve dostupne činjenice te u skladu s odredbama članka 28. stavka 6. Osnovne antisubvencijske uredbe, prikladno je smatrati da bi se svim poduzećima u Kini odobrila samo najviša ocjena „stupnja neulaganja” za obveznice (BB po Bloombergu) te na uobičajenu stopu za zajmove Narodne banke Kine primijeniti odgovarajuću premiju koja se može očekivati na obveznice koje izdaju poduzeća s tim rejtingom.
Therefore to calculate the benchmark interest rate for loans to the sampled companies during the IP, a risk premium was calculated by using the difference between interest rates on bonds issued by companies with BB ratings and bonds issued by companies with AAA ratings (which is the credit rating on bonds issued by the PRC), as recorded by Bloomberg.
Stoga je za potrebe izračuna referentne kamatne stope za zajmove dane društvima iz uzorka tijekom RIP-a izračunana premija rizika na temelju razlike između kamatnih stopa na obveznice koje su izdala društva s rejtingom BB i na obveznice koje su izdala društva s rejtingom AAA (što je kreditni rejting za obveznice koje izdaje NRK) po Bloombergu.
This risk premium was then added to the published lending rates of the PBOC for BB rated bonds taking into account the duration of the loans.
Ta je premija rizika zatim dodana objavljenim stopama davanja zajmova NBK-a za obveznice s rejtingom BB uzimajući u obzir trajanje zajmova.
The benefit to the exporting producers was then calculated as the difference between the interest actually paid in the IP by the companies and the interest that would have been paid if the benchmark interest rate would have applied to the loans.
Korist koju su ostvarili proizvođači izvoznici zatim je izračunana kao razlika između kamate koju su društva tijekom RIP-a stvarno platila i kamate koja bi bila plaćena da je na te zajmove bila primijenjena referentna kamatna stopa.
This benefit was then expressed as a percentage of the total turnover of each cooperating exporting producer.
Ta je korist zatim izražena kao postotak ukupnog prometa svakog proizvođača izvoznika koji surađuje.
Following disclosure the government of the PRC claimed that the Commission should not have referred to any benchmark for the calculation of the benefit as it claimed that loans were granted on market terms and therefore no benefit was conferred.
Nakon objave vlada NRK-a tvrdila je da se Komisija nije trebala poslužiti nikakvom referentnom vrijednošću za izračun koristi te da su zajmovi dani po tržišnim uvjetima i da stoga nije ostvarena nikakva korist.
As explained in recitals 127-130, the market for bank loans in the PRC is distorted and therefore the Commission considers that resorting to a benchmark is fully justified.
Kako je objašnjeno u uvodnim izjavama od 127. do 130., tržište za bankovne kredite u NRK-u narušeno je i stoga Komisija smatra da je primjena referentne vrijednosti u potpunosti opravdana.
Moreover the government of the PRC claimed that the Commission's choice of this particular benchmark was not sufficiently reasoned.
Nadalje, vlada NRK-a tvrdila je da Komisijin odabir upravo te referentne vrijednosti nije bio dostatno obrazložen.
The Commission considers that when constructing an appropriate benchmark for loans, it is considered reasonable to apply Chinese interest rates, adjusted to reflect normal market risk.
Komisija smatra da se pri izračunu odgovarajuće referentne vrijednosti za zajmove smatra razumnim primijeniti kineske kamatne stope, prilagođene kako bi odražavale uobičajeni tržišni rizik.