natgillin/translations-raw huggingface dataset:
This is a relative evaluation, which is illustrated by data submitted by the GOC on the historical development of spreads (see analysis below).
To je relativna ocjena o čemu svjedoče podaci o povijesnom kretanju raspona koje je dostavila kineska vlada (vidjeti analizu u nastavku).
The relative spread captures changes in the underlying market conditions which are not expressed when following an absolute spread.
Relativni raspon odražava promjene temeljnih tržišnih uvjeta, što nije slučaj pri upotrebi apsolutnog raspona.
On the second and third point, the Commission agreed with the starting point that interest rates reflect not only company risk profiles, but also country- and currency specific risks.
U pogledu druge i treće točke Komisija se složila s početnom tvrdnjom da kamatne stope ne održavaju samo profil rizičnosti društava nego i rizike povezane sa zemljom i valutom.
Often, as in the present case, the country- and currency-specific risk varies over time, and the variations are different for different countries.
Rizik povezan sa zemljom i valutom često se, kao u ovom slučaju, mijenja s vremenom, a promjene se razlikuju od zemlje do zemlje.
As a result, the risk-free rates vary significantly over time, and are sometimes lower in the US, sometimes in China.
Stoga se nerizične kamatne stope s vremenom znatno mijenjaju i nekad su niže u SAD-u, a nekad u Kini.
These differences relate to factors such as observed and expected GDP growth, economic sentiment, and inflation levels.
Te su razlike povezane s čimbenicima kao što su utvrđeni i očekivani rast BDP-a, gospodarsko raspoloženje i razine inflacije.
Because the risk-free rate varies over time, the same nominal absolute spread can signify a very different assessment of the risk.
Budući da se nerizična kamatna stopa mijenja s vremenom, isti nominalni apsolutni raspon može značiti vrlo različitu procjenu rizika.
For example, where the bank estimates the company-specific risk of default at 10 % higher than the risk-free rate (relative estimation), the resulting absolute spread can be between 0,1 % (at a risk-free rate of 1 %) and 1 % (at a risk-free rate of 10 %).
Primjerice, ako banka procjeni da je rizik od neplaćanja povezan s društvom viši od nerizične kamatne stope za 10 % (relativna procjena), posljedični apsolutni raspon može biti između 0,1 % i (pri nerizičnoj kamatnoj stopi od 1 %) i 1 % (pri nerizičnoj stopi od 10 %).
From an investor perspective, the relative spread is hence a better measure as it reflects the magnitude of the yield spread and the way it is affected by the base interest-rate level.
Stoga je iz perspektive ulagatelja relativni raspon bolji mjerni instrument jer odražava opseg raspona prihoda i način na koji na njega utječe osnovna kamatna stopa.
The method is country-neutral.
Ta metoda neutralna je prema svim zemljama.
For instance, where the risk-free rate in the US is lower than the risk-free rate in China, the method will lead to higher absolute mark-ups.
Primjerice, ako je nerizična kamatna stopa u SAD-u niža od nerizične kamatne stope u Kini, primjenom te metode dobit će se više apsolutne vrijednosti uvećanja.
On the other hand, where the risk-free rate in China is lower than in the US the method will lead to lower absolute mark-ups.
S druge strane ako je nerizična kamatna stopa u Kini niža od nerizične kamatne stope u SAD-u, primjenom te metode dobit će se niže apsolutne vrijednosti uvećanja.
Following that financial and economic crisis, the relative spreads remained at a higher level compared to before that crisis.
Nakon završetka financijske i gospodarske krize relativni rasponi ostali su na višoj razini nego prije krize.
This higher level of the relative spread reflects well worsened macro-economic fundamentals and suppressed aggregate demand, which also caused the inflation rate in the US (and other advanced economies) to fall to very low levels.
Viša razina relativnog raspona odražava veliko pogoršanje makro-ekonomskih temelja i smanjenu ukupnu potražnju, što je uzrokovalo i pad stope inflacije u SAD-u (i drugim naprednim gospodarstvima) na vrlo niske razine.
The data provided by the GOC shows that the absolute spread fails to reflect the worsened underlying fundamentals.
Podaci koje je dostavila kineska vlada upućuju na to da apsolutni raspon ne odražava pogoršanje temelja.
That change in market conditions is expressed in the relative spread, which was 27 % in 2006 and 46 % in 2017.
Ta je promjena tržišnih uvjeta izražena u relativnom rasponu, koji je 2006. iznosio 27 %, a 2017. 46 %.
Finally the Commission acknowledged that using the relative spread methodology in cases of negative interest rates would produce unreasonable results.
Komisija je potvrdila da bi se upotrebom metodologije relativnog raspona u slučaju negativnih kamatnih stopa dobili nepouzdani rezultati.
However, that scenario is not at issue in the present case.
Međutim trenutačno nije riječ o tom scenariju.
The Commission considered that during the IP the relative spread better captured the underlying market conditions affecting company-specific credit risks than using an absolute spread approach.
Komisija je smatrala da je tijekom RIP-a relativni raspon davao bolju sliku temeljnih tržišnih uvjeta koji su utjecali na kreditne rizike povezane s društvima od apsolutnog raspona.
On the fourth point, the Commission interpreted the facts presented by the GOC in a different manner.
U pogledu četvrte točke Komisija je činjenice koja je dostavila kineska vlada protumačila drukčije.
Using the set of data provided by the GOC, it can be seen that the absolute spread is not as stable as alleged by the GOC, but instead varies over time, from 1 % to 4,5 %.
Iz skupa podatka koji je dostavila kineska vlada može se uočiti da apsolutni raspon nije tako stabilan kao što tvrdi kineska vlada, nego da se mijenja s vremenom (od 1 % do 4,5 %).
In addition, the relative spread follows exactly the same trend as the absolute spread over the past 23 years, i.e. when the relative spread increases the absolute spread also increases and vice versa.
Osim toga, kretanja relativnog i apsolutnog raspona tijekom protekle 23 godine jednaka su, odnosno ako relativni raspon raste, raste i apsolutni i obrnuto.
As for the alleged volatility of the relative spread, the magnitude of the changes are similar — the difference between the highest and the lowest figures is 530 % for the relative spread and 450 % for the absolute spread.
Kada je riječ o navodnoj nestabilnosti relativnog raspona, raspon promjena je sličan, odnosno razlika između najniže i najviše vrijednosti iznosi 530 % za relativni raspon i 450 % za apsolutni.
Finally, when applying the data provided by the GOC to the historical PBoC rates, it shows that in some years the relative methodology produces a lower benchmark than the absolute spread.
Pri primjeni podataka kineske vlade na povijesne stope Narodne banke Kine utvrđeno je da se u određenim godinama upotrebom relativne metodologije dobiva niža referentna vrijednost nego primjenom apsolutnog raspona.
Based on the additional information document, the GOC claimed that the years 2002 and 2008 to 2010 should be taken out from the analysis because they were ‘abnormal’ years.
Na temelju dokumenta s dodatnim informacijama kineska vlada tvrdila je da bi 2002. i razdoblje od 2008. do 2010. trebalo izostaviti iz analize jer su te godine bile „neuobičajene”.
The Commission fails to see why changes in the business cycle should be disregarded.
Komisija ne vidjeti razlog za zanemarivanje promjena u poslovnom ciklusu.
Recessions are part of the economic life cycle and an analysis of the data should take into account all facets of this life cycle, not only the good years.
Recesije su dio gospodarskog životnog ciklusa i pri analizi podataka trebalo bi uzeti u obzir sve aspekte tog životnog ciklusa, a ne samo dobre godine.
This holds true also for extraordinary strong recessions, such as the economic and financial crisis 2008 to 2010.
To vrijedi i za izuzetno jake recesije kao što je to gospodarska i financijska kriza od 2008. do 2010.
On the fifth point, the use of the relative spread observed during the IP indeed provided results diverging from the absolute spread when it was applied more precisely at the level of different maturities instead of as an average for all loan durations.
U pogledu pete točke upotrebom relativnog raspona utvrđenog tijekom RIP-a zaista su dobiveni rezultati različiti od apsolutnog raspona kada je on preciznije primijenjen na razini različitih dospijeća umjesto kao prosjek za sva trajanja zajmova.
However, these diverging results were not due to the fact that the relative spread as such was erroneous, but due to the fact that there were major differences in the time structure of risk between the US and the PRC interest rates.
Međutim, ti različiti rezultati nisu posljedice činjenice da je relativan raspon bio pogrešan, nego velikih razlika u strukturi rizika povezanih s vremenom između kamatnih stopa SAD-a i NRK-a.
Indeed, in the US, the difference in interest rate between a 1-year and a 10-year bond was much wider (ranging from 2,5 % to 3,7 %) than the difference between the 1-year and above 5-year interest rates of the PBoC (0,8 % difference).
U SAD-u je razlika između kamatne stope jednogodišnje i desetgodišnje obveznice bila puno veća (od 2,5 % do 3,7 %) od razlike između kamatne stope jednogodišnje obveznice i obveznice s dospijećem većim od 5 godina koju je izdala Narodna banka Kine (razlika od 0,8 %).
The divergence thus stemmed from the starting point on which the relative spread was applied.
Razlika je stoga posljedica početne točke na koju je relativni raspon primijenjen.
If the PRC would have had a similar time structure of risk as a starting point, then the resulting benchmark rates would have again followed a logical trend across all loan durations.
Da je NRK kao početnu točku upotrijebila sličnu strukturu rizika povezanih s vremenom, posljedične referentne kamatne stope ponovno bi slijedile logična kretanja pri svim trajanjima zajmova.
For example, assuming a 3 % difference between short-term and long-term PBoC interest rates would have resulted in a benchmark rate of 15,81 % for long-term loans, which is higher than the 14,22 % benchmark for short-term loans.
Primjerice, razlika od 3 % između kratkoročnih i dugoročnih kamatnih stopa Narodne banke Kine za posljedicu bi imala referentnu kamatnu stopu od 15,81 % za dugoročne zajmove, što je više od referentne kamatne stope za kratkoročne zajmove koja iznosi 14,22 %.
The Commission recognized this issue from the outset.
Komisija je taj problem prepoznala već u početku.
In order to minimize the impact of differences in time structure of risk between the two countries, the Commission decided to use the average relative spread for all loan durations, thus bringing the international benchmark closer to Chinese conditions and avoiding penalization of Chinese companies having a high proportion of short-term loans.
Kako bi umanjila učinak razlika u strukturi rizika povezanih s vremenom između dvije zemlje, Komisija je odlučila upotrijebiti prosječni relativni raspon za sva trajanja zajmova i tako približiti međunarodnu referentnu vrijednost kineskim uvjetima i izbjeći kažnjavanje kineskih društava s velikim udjelom kratkoročnih zajmova.
On the sixth point, the Commission disagreed with the GOC's claims.
U pogledu šeste točke Komisija se ne slaže s tvrdnjama kineske vlade.
The claim that the Commission only used the relative spread for long-term loans is factually incorrect.
Tvrdnja da je Komisija relativni raspon upotrebljavala samo za dugoročne zajmove nije točna.
The methodology of the relative spread was used for both long-term and short-term loans.
Metodologija relativnog raspona upotrebljavala se za dugoročne i kratkoročne zajmove.
Using a single average relative spread for loans with different maturities did not assign too much weight to short-term maturities, as the Commission in practice applied this spread to loans with various maturities.
Upotrebom jedinstvenog prosječnog relativnog raspona za zajmove s različitim dospijećima ne pridaje se prevelika važnost zajmovima s kratkoročnim dospijećima jer je Komisija u praksi taj raspon upotrijebila za zajmove s različitim dospijećima.
On the seventh point, the Commission recognized that it had used data from two different time periods, i.e. the relative spread applicable during the IP and the PBoC rate applicable at the time when the loan was granted, and that the time period considered for each loan should match.
U pogledu sedme točke Komisija je priznala da je upotrijebila podatke iz dva različita razdoblja, odnosno relativni raspon primjenjiv tijekom RIP-a i kamatnu stopu Narodne banke Kine primjenjivu u trenutku odobrenja zajma, te da bi se razmatrano razdoblje za sve zajmove trebalo podudarati.
However, the Commission disagreed with the GOC's conclusion that all data should have been taken from the IP instead.
Komisija se međutim nije složila sa zaključkom kineske vlade da je umjesto toga sve podatke trebalo uzeti iz RIP-a.
In this respect, the Commission noted that the specific conditions attached to each loan, such as for example the variability of the interest rate, should be taken into account when determining the correct time period to be used for the spread as well as for the PBoC rate.
Komisija je u tom pogledu navela da bi se pri utvrđivanju pravog razdoblja koje treba upotrebljavati za raspon i kamatnu stopu Narodne banke Kine trebali u obzir uzeti posebni uvjeti svih zajmova, primjerice promjenjivost kamatne stope.
However, in the present investigation, this information was not available to the Commission for all loans granted to the sampled companies.
Međutim tijekom ovog ispitnog postupka te informacije Komisiji nisu bile dostupne za sve zajmove odobrene društvima u uzorku.
In view of the absence of information on the specific conditions of the loans granted in the past, and upon GOC's request, the Commission decided that it would use the relative spread and the PBoC rate applicable during the IP for all loans granted to the sampled companies for this investigation.
S obzirom na nedostatak informacija o posebnim uvjetima zajmova odobrenih u prošlosti i na zahtjev kineske vlade Komisija je odlučila da će za sve zajmove odobrene društvima u uzorku u ovom ispitnom postupku upotrijebiti relativni raspon i kamatnu stopu Narodne banke Kine primjenjivu tijekom RIP-a.
The Commission adjusted downward the amount of benefit related to preferential lending accordingly.
Komisija je u skladu s time iznos koristi od povlaštenih zajmova prilagodila na nižu razinu.
Finally, on the last point, the Commission agreed that the sources referred to in the additional information document referred to the use of a relative spread with regards to yields and that none of the sources stated that this difference needed to be expressed in a relative way.
Naposljetku, u pogledu posljednje točke Komisija se složila da se u izvorima iz dokumenta s dodatnim informacijama navodila upotreba relativnog raspona u pogledu prinosa i da se ni u jednom od njih nije tvrdilo da se ta razlika treba izraziti u relativnom obliku.
The Commission pointed to the fact that the aim of the relative spread exercise was to construct a credit risk premium, to be applied to the risk-free rate in order to arrive at a benchmark interest rate.
Komisija je naglasila da je cilj upotrebe relativnog raspona bio utvrditi premiju kreditnog rizika koja se primjenjuje na nerizičnu kamatnu stopu za izračun referentne kamatne stope.
Credit risk premiums are indeed related to how investors view securities, and what is the yield they expect to receive in return for the increased risk.
Premije kreditnog rizika uistinu su povezane sa stavom ulagatelja prema vrijednosnim papirima i prinosom koji očekuju da će primiti u zamjenu za povećani rizik.
Furthermore, even though not all sources were based on scholarly books, they did echo the references made in other sources.
Nadalje, čak i ako se svi izvori nisu temeljili na znanstvenim tekstovima, odražavali su navode iz drugih izvora.
For all these reasons, the Commission still viewed all of these sources as being relevant.
Zato Komisija i dalje smatra da svi ti izvori važni.
The Commission thus maintained it position that the relative spread method reflects more adequately the risk premium that a financial institution would apply to the Chinese exporting producers in a non-distorted market, in particular given that the base interest rate in the PRC and the base interest rate in the US have evolved differently over time.
Stoga je Komisija zadržala svoje stajalište da metoda relativnog raspona bolje odražava premiju rizika koju bi financijska institucija primijenila na kineske proizvođače izvoznike na nenarušenom tržištu, posebno s obzirom na drukčije kretanje osnovne kamatne stopa u NRK-u i SAD-u.
Furthermore, following disclosure, the GOC and two sampled companies also objected to the use of an interest rate between 14 % and 16 % for all loans with a maturity of 2 years or less at the level of the companies which were making use of revolving loans.
Nadalje, nakon objave kineska vlada i dva društva u uzorku uložila su prigovor i na upotrebu kamatnih stopa između 14 % i 16 % za sve zajmove s dospijećem od najviše dvije godine na razini trgovačkih društava koja su koristila revolving zajmove.
The following comments were received:
Ukratko, primljene su sljedeće primjedbe:
The Commission classified all loans with a duration of two years and less as revolving loans without an adequate explanation or supporting evidence.
Komisija je sve zajmove u trajanju od najviše dvije godine razvrstala kao revolving zajmove bez odgovarajućeg objašnjenja ili dokaza.
Not all short-term loans provided to the sampled companies were revolving loans.
Nisu svi kratkoročni zajmovi odobreni društvima u uzorku bili revolving zajmovi.
Revolving loans are not necessarily a sign of liquidity issues.
Revolving zajmovi nisu nužno znak problema s likvidnošću.
Revolving loans are part of standard business practices in Europe.
Revolving zajmovi dio su standardnih poslovnih praksi u Europi.
They do not generate higher interest rates, and have been used by the EU steel industry.
Ne stvaraju više kamatne stope i koriste se u industriji čelika EU-a.
More specifically, the Shougang Group claimed that the Commission identified revolving loans mainly for the companies Qian'an Coal, Xishan Coking and Shougang Corp., which were not in financial distress.
Društvo Shougang Group tvrdilo je da je Komisija revolving zajmove utvrdila uglavnom za društva Qian'an Coal, Xishan Coking i Shougang Corp., koja nisu bila u financijskim poteškoćama.
The proxy benchmark used by the Commission was not consistent with Article 14 of the SCM Agreement.
Zamjenska referentna vrijednost koju je upotrebljavala Komisija nije u skladu s člankom 14. Sporazuma o subvencijama i kompenzacijskim mjerama.
The loan which was used as a basis for the proxy benchmark was a single, exceptional loan accounting for only 2 % of the total loans provided to the Jiangsu Shagang Group, and the Commission did not provide a reasoned explanation on why this would be comparable to a commercial loan.
Kao temelj za zamjensko mjerilo iskorišten je jednokratni izvanredni zajam koji je činio samo 2 % ukupnih zajmova odobrenih društvu Jiangsu Shagang Group, a Komisija nije obrazložila zašto bi taj zajam bio usporediv s komercijalnim.
In addition, the Commission did not make adjustments to approximate this loan to comparable commercial loans.
Osim toga, Komisija nije provela prilagodbe radi približavanja tog zajma usporedivim komercijalnim zajmovima.
On the first point, the Commission did not classify all loans with a duration of two years and less as revolving loans.
U pogledu prve točke Komisija nije sve zajmove u trajanju od najviše dvije godine smatrala revolving zajmovima.
The existence of revolving loans in a given company was merely considered an indication that the company was in a worse financial situation than what the financial statements would suggest at first sight, and that the additional risk was related to short-term liquidity problems.
Postojanje revolving zajmova u određenom društvu smatralo se samo pokazateljem lošijeg stanja od onoga što se na prvi pogled moglo zaključiti iz njegovih financijskih izvještaja te da je dodatni rizik povezan s kratkoročnim problemima s likvidnošću.
Therefore, all short-term loans had to be given a higher risk premium, whether such loans were revolving or not.
Stoga je svim kratkoročnim zajmovima bilo potrebno dodijeliti višu premiju rizika neovisno o tome je li bila riječ o revolving zajmovima ili ne.
Concerning the second point, the Commission disagreed with the assessment made by the GOC and the exporting producers.
U pogledu druge točke Komisija se ne slaže s procjenom kineske vlade i proizvođača izvoznika.
The Chinese authorities themselves consider revolving loans to be an additional factor of credit risk.
Kineska tijela smatraju revolving zajmove dodatnim čimbenicima kreditnog rizika.
As stated in the CBRC's ‘Guidelines on risk-based loan classification’, revolving loans should be reported at least as a ‘concerned’ loan [29].
Kako je navedeno u Smjernicama o razvrstavanju zajmova na temelju rizika CBRC-a revolving zajmovi trebaju se smatrati barem „zajmovima koji izazivaju zabrinutost” [29].
A loan falling under this category means that even though a borrower can pay the principal and interest of the loan now, there are some factors which may negatively affect the repayment thereof.
Ako zajam ulazi u tu kategoriju, znači da postoje određeni čimbenici koji bi mogli negativno utjecati na njegovu otplatu čak i ako dužnik trenutačno može plaćati glavnicu i kamate.
Revolving credit facilities do indeed exist in Europe and have been used by the Union steel industry, but their terms and conditions are very different from the Chinese revolving loans.
Revolving zajmovi doista postoje u Europi i industrija čelika u Uniji ih upotrebljava, ali njihovi uvjeti vrlo su različiti od kineskih revolving zajmova.
Revolving credit facilities in the Union are basically credit lines, with a pre-determined maximum amount that can be withdrawn and repaid on several occasions during a pre-specified time period.
Revolving zajmovi u Uniji u osnovi su kreditne linije s prethodno utvrđenim najvišim iznosima koji se mogu podići i otplatiti u nekoliko navrata tijekom unaprijed određenog razdoblja.
In addition, contrary to what the GOC claims, such credit facilities entail an additional cost, be it a contractual margin on top of the usual short-term market rates [30], or a predetermined management fee.
Osim toga, suprotno tvrdnjama kineske vlade takvi zajmovi podrazumijevaju dodatni trošak, neovisno o tome radi li se o ugovornim maržama koje se dodaju uobičajenih kratkoročnih tržišnih kamatnih stopa [30] ili unaprijed određenim naknadama za upravljanje.
Furthermore, the example of BNP Paribas provided by the GOC also foresaw a fee for unused capital over the duration of the credit facility.
Nadalje, i u primjeru banke BNP Paribas koji je dostavila kineska vlada predviđene su naknade za neiskorišteni kapital tijekom trajanja zajma.
On the other hand, the revolving loans found during the verification visits at the Chinese sampled companies did not have conditions different from other short-term loans.
S druge strane, uvjeti revolving zajmova utvrđenih tijekom posjeta radi provjere kineskim trgovačkim društavima u uzorku nisu se razlikovali od uvjeta drugih kratkoročnih zajmova.
They were not labeled as being a credit line or a revolving credit facility and there were no extra fees or margins attached to it.
Nisu bili označeni kao kreditne linije ili revolving zajmovi i nisu postojale dodatne povezane naknade ili marže.
At first sight, they appeared to be normal short-term loans.
Na prvi pogled činilo se da je riječ o uobičajenim kratkoročnim zajmovima.