natgillin/translations-raw huggingface dataset:
According to the Administrative Measures for the Issuance and Trading of Corporate Bonds, only certain bonds corresponding with strict quality criteria, such as an AAA credit rating, may be offered for public issuance.
Prema Administrativnim mjerama za izdavanje korporativnih obveznica i trgovanje njima samo određene obveznice koje ispunjavaju stroge kriterije kvalitete, na primjer kreditni rejting AAA, mogu se ponuditi na javno izdavanje.
Most bonds will therefore be privately issued to so-called qualified investors, which have been approved by the CSRC, and which are essentially Chinese institutional investors.
Stoga će se većina obveznica izdati privatno takozvani kvalificiranim ulagateljima koje je odobrio CSRC i koji su u osnovi kineski institucionalni ulagatelji.
Finally, the interest rates on corporate bonds are not freely determined, since Article 18 of the Regulations on the Administration of Corporate Bonds states that ‘the interest rate offered for any corporate bonds shall not be higher than 40 % of the prevailing interest rate paid by banks to individuals for fixed-term savings deposits of the same maturity’.
Konačno, postoje i uvjeti za utvrđivanje kamatne stope na korporativne obveznice, odnosno u članku 18. Pravilnika o upravljanju korporativnim obveznicama navodi se da „kamatna stopa po kojoj je ponuđena bilo koja korporativna obveznica ne smije biti veća od 40 % prevladavajuće kamatne stope koju banke plaćaju fizičkim osobama za oročene štedne depozite s istim dospijećem”.
The Commission also sought concrete proof of the exercise of control in a meaningful way on the basis of concrete issues of bonds.
Komisija je zatražila i konkretne dokaze o provođenju znatne kontrole na temelju konkretnih izdanja obveznica.
It therefore examined the overall legal environment as set out above in recitals (307) to (315), in combination with the concrete findings of the investigation.
Stoga je preispitala opće pravno okruženje, kako je prethodno opisano u uvodnim izjavama od 307. do 315., te konkretne nalaze ispitnog postupka.
The verification visits revealed that bonds were issued by the two groups of sampled exporting producers at interest rates close to the People's Bank of China (‘PBOC’) benchmark interest rates, regardless of the companies' financial and credit risk situation.
U posjetima radi provjere otkriveno je da su obveznice koje su izdale dvije grupe proizvođača izvoznika u uzorku dane s kamatnim stopama koje su bile blizu referentnim kamatnim stopama Narodne banke Kine („NBK”), neovisno o financijskom stanju i kreditnom riziku tih društava.
In practice, interest rates on bonds are influenced by the credit rating, similar to loans.
Slično kao i u slučaju zajmova, kreditni rejting u praksi utječe na kamatne stope na obveznice.
However, as described above in recitals (237) to (242), the local credit rating market is distorted and credit ratings are unreliable.
Međutim, kako je prethodno opisano u uvodnim izjavama od 237. do 242., lokalno tržište kreditnih rejtinga iskrivljeno je, a kreditni rejtinzi nepouzdani.
This was illustrated by the fact that the bond prospectuses and credit rating reports for the bonds issued by the sampled companies did not correspond to the actual situation of the companies.
To je vidljivo iz činjenice da prospekti obveznica i izvješća o kreditnim rejtinzima za obveznice izdane društvima u uzorku nisu odražavali stvarno stanje društva.
In one case for example, the financial analysis for the bond issue was based on a very high turnover and a profit of 12 %, although the financial statements of the company showed that it was making losses in fact.
Na primjer, u jednom se slučaju financijska analiza izdanja obveznica temeljila na vrlo visokom prometu i dobiti od 12 % iako je u financijskim izvještajima društva bilo očito da ono zapravo bilježi gubitke.
In another case, the detailed bond prospectus warned that the liability level of the company had been rising, that ‘the debts burden on the issuer is heavy, and its assets-liability ratio is higher than the industry average… On the whole, the issuer's short-term solvency is relatively low, so there's certain short-term solvency pressure… The company mainly relies on non-operating income as its profits. This represents a lot of uncertainties for its profitability.’ Nevertheless, the report then concluded by providing a AAA credit rating to the bond offering.
U drugom se slučaju u detaljnom prospektu obveznica upozorilo na sve veće obveze društva, na „vrlo veliku zaduženost izdavatelja, omjer između imovine i obveza koji je veći od prosjeka u industriji… Kratkoročna solventnost izdavatelja općenito je relativno niska zbog čega se javljaju određeni pritisci povezani s kratkoročnom solventnošću… Dobit društva uglavnom obuhvaća prihode koji nisu ostvareni iz redovitog poslovanja. To je velika količina nesigurnosti povezana s njegovom profitabilnosti”. Unatoč tomu, u izvješću se zaključuje tako da se ponudi obveznica daje kreditni rejting AAA.
Finally, the Commission noted that under normal market circumstances, interest rates on bonds should on average be higher than interest rates on loans, because they are considered as subordinated debt.
Naposljetku, Komisija je primijetila da bi u normalnim tržišnim okolnostima kamatne stope na obveznice trebale biti više od kamatnih stopa na zajmove jer se prvo navedene smatraju podređenima dugom.
However, in the case of the sampled companies, the interest rates on loans were equal to or higher than the interest rates on the bonds.
Međutim, kamatne stope na zajmove društava u uzorku bile su istovjetne ili više od kamatnih stopa na obveznice.
In light of the above considerations, the Commission found that the Chinese financial institutions organizing the issuance of bonds for the sampled companies are public bodies within the meaning of Articles 3 and 2 (b) of the basic Regulation.
Na temelju prethodno navedenih razmatranja Komisija je utvrdila da se sve kineske financijske institucije koje su organizirale izdavanje obveznica za društva u uzorku smatra javnim tijelima u smislu članka 3. i članka 2. stavka (b) osnovne uredbe.
Furthermore, a benefit was provided to the two sampled exporting producers, since the bonds were issued at rates below the market rates corresponding to their actual risk profile.
Nadalje, dva proizvođača izvoznika u uzorku ostvarila su korist jer su obveznice izdane po ratama nižim od tržišnih stopa koje odgovaraju njihovu stvarnom profilu rizičnosti.
The Commission considered that the preferential financing through bonds is specific within the meaning of Article 4(2)(a) of the basic Regulation as the bonds cannot be issued without approval from government authorities, and the Securities Law of the PRC states that the issuance of bonds must comply with the State's industrial policies.
Komisija je smatrala da je povlašteno financiranje putem obveznica specifično u smislu članka 4. stavka 2. točke (a) osnovne uredbe jer se obveznice ne mogu izdati bez odobrenja državnih tijela, a u Zakonu o vrijednosnim papirima NRK-a utvrđuje se da izdavanje obveznica mora biti u skladu s industrijskim politikama države.
According to these policies, high-performance radial tires (including tubeless truck tires) are specified as an encouraged category of products.
U tim politikama radijalne gume visoke izvedbe (uključujući gumbe bez zračnica za kamione) svrstane su u poticanu kategoriju proizvoda.
Calculation methodology
Metoda izračuna
Since bonds are in essence just another type of debt instrument, similar to loans, and since the calculation methodology for loans is already based on a basket of bonds, the Commission decided to follow the calculation methodology for loans as described above in section 3.4.4.
Budući da su obveznice u osnovi jedna vrsta dužničkog instrumenta, a metoda izračuna za zajmove već se temelji na skupu obveznica, Komisija je odlučila pridržavati se metode izračuna za zajmove kako je prethodno opisana u odjeljku 3.4.4.
This means that the relative spread between US AA corporate bonds and US BB corporate bonds with the same duration is applied to the benchmark interest rates published by the PBOC to establish a market-based interest rate for bonds, which is then compared with the actual interest rate paid by the company in order to determine the benefit.
To znači da se relativni raspon između korporativnih obveznica s rejtingom AA i korporativnih obveznica s rejtingom BB u SAD-u s istim trajanjem primjenjuje na referentne kamatne stope koje objavljuje NBK kako bi utvrdio tržišnu kamatnu stopu na obveznice, koja se zatim uspoređuje sa stvarnom kamatnom stopom koju je društvo platilo kako bi se utvrdila korist.
The subsidy amount established with regard to preferential bonds during the investigation period for the sampled groups of companies amounts to:
Subvencija utvrđena u odnosu na povlaštene obveznice tijekom razdoblja ispitnog postupka za grupe društava u uzorku iznosi:
Preferential financing: bonds
Povlašteno financiranje: obveznice
Preferential financing and insurance: export buyer credits
Povlašteno financiranje i osiguranje: izvozni kupovni krediti
According to the complainant, state-owned banks in China provided export buyer's credits or concessional loans to foreign companies, such as importers, in order to promote the export of Chinese products, technology, and services, such as tyres.
Prema podnositelju pritužbe banke u državnom vlasništvu u Kini davale su izvozne kupovne kredite ili povlaštene zajmove stranim društvima, na primjer uvoznicima, kako bi promicale izvoz kineskih proizvoda, tehnologije i usluga, na primjer guma.
During the investigation, the Commission found that none of the importers, whether related or unrelated, had any outstanding loans from Chinese financial institutions in their accounts.
Tijekom ispitnog postupka Komisija je utvrdila da nijedan izvoznik, ni povezan ni nepovezan, nema nepodmirenih zajmova kineskih financijskih institucija u svojim računima.
The Commission therefore concluded that this programme was not applicable to the sampled companies during the investigation period.
Komisija je stoga zaključila da se taj program nije primjenjivao na društva u uzorku tijekom razdoblja ispitnog postupka.
Preferential financing and insurance: support for foreign investment
Povlašteno financiranje i osiguranje: potpora stranim ulaganjima
At the end of 2015, CNRC acquired a 65 % stake in the Pirelli Group.
Na kraju 2015. CNRC stekao je 65 % udjela u Grupi Pirelli.
This Group had been valued at 7,1 billion EUR at the time.
Vrijednost te Grupe tada je procijenjena na 7,1 milijardi EUR.
This acquisition was accompanied by several support measures from the GOC.
To je stjecanje bilo popraćeno s nekoliko mjera potpore kineske vlade.
Following the disclosure of the Information Document and final disclosure, the GOC, Pirelli and the CNRC claimed that the Commission could not investigate this scheme as it had not been covered by the complaint or by the Notice of Initiation.
Nakon objave dokumenta s informacijama i konačne objave kineska vlada, Grupa Pirelli i CNRC tvrdili su da Komisija nije mogla ispitivati taj program jer taj program nije obuhvaćen pritužbom ni obaviješću o pokretanju postupka.
After final disclosure the GOC reiterated this claim and argued that the Commission did not provide an opportunity for consultations prior to initiation in accordance with Article 10(7) of the basic Regulation preventing the PRC from proposing a mutually agreed position.
Nakon konačne objave kineska vlada ponovila je tu tvrdnju i izjavila da Komisija nije pružila priliku za savjetovanje prije pokretanja postupka u skladu s člankom 10. stavkom 7. osnovne uredbe i da zato NRK nije mogla predložiti usuglašeno stajalište.
In addition, the GOC claimed that new schemes can be countervailed only if there was a legal basis in EU law.
Osim toga, kineska vlada tvrdila je da se protiv novih programa mogu uvesti kompenzacijske mjere samo ako u pravu EU-a postoji pravna osnova.
However, such legal basis was only introduced upon the entry into force of the new Article 10(7), second paragraph, of the basic Regulation in December 2017, which was not applicable to this proceeding.
Međutim, takva pravna osnova uvedena je tek stupanjem na snagu novog članka 10. stavka 7. drugog podstavka osnovne uredbe u prosincu 2017. i nije primjenjiva na ovaj postupak.
The CNRC took the view that each program had to be individually mentioned in the notice of initiation.
CNRC je smatrao da je u obavijesti o pokretanju postupka trebalo pojedinačno navesti svaki program.
As the Commission had only referred to ‘grants’ or ‘loans’ and not to ‘equity investment’ the SRF investment was not covered by the proceedings.
Budući da je Komisija upućivala samo na „bespovratna sredstva” ili „zajmove”, a ne i na „kapitalna ulaganja”, ulaganje Fonda za Put svile nije obuhvaćeno postupkom.
The Commission disagreed.
Komisija se s tim nije složila. U obavijesti o pokretanju postupka upućuje se na „1. izravni prijenos sredstava i potencijalni izravni prijenos sredstava ili obveza”.
Moreover, as explained below in recitals (334) to (340), the SRF investment was not considered to be a separate, self-standing programme for the purpose of this investigation.
Nadalje, kako je objašnjeno u nastavku u uvodnim izjavama od 334. do 340., ulaganje Fonda za Put svile za potrebe ovog ispitnog postupka nije se smatralo zasebnim samostalnim programom.
Rather, the SRF investment constituted an additional intervention in a package of five financial interventions from the Government of China in the context of acquiring Pirelli.
Umjesto toga ulaganje Fonda za Put svile činilo je dodatnu intervenciju u paketu od pet financijskih intervencija kineske vlade u kontekstu stjecanja društva Pirelli.
Next to another equity investment from CINDA, the other parts of the package were a grant, a loan, and an interest repayment which the CNRC accepts for having been properly subject to investigation.
Uz vlasničko ulaganje društva CINDA paket obuhvaća bespovratna sredstva, zajam i otplatu kamata za koje CRRC priznaje da je ispravno uključeno u istragu.
By analysing the SRF investment, the Commission had thus not included a separate programme into the investigation, but rather looked at all relevant parts of one complex financial measure, as part of a programme to promote foreign trade in this context.
Analizirajući ulaganje Fonda za Put svile Komisija nije u ispitni postupak uključila zasebni program, već je razmotrila sve relevantne dijelove složene financijske mjere u okviru programa za promicanje strane trgovine u tom kontekstu.
Moreover, even if there had been a doubt about the scope of the covered subsidies by the proceeding, the Commission had dispelled such doubts in full transparency during the investigation.
Nadalje, čak i da postoji sumnja u pogledu opsega subvencija obuhvaćenih postupkom, Komisija je takve sumnje transparentno uklonila tijekom ispitnog postupka.
The question of the market-based nature of investments made by the Silk Road Fund (‘SRF’) was raised by common agreement during the verification visit at the GOC, where the GOC also provided useful information about the nature of the SRF.
Tijekom posjeta radi provjere u kineskoj vladi suglasno je postavljeno pitanje o tržišnoj prirodi ulaganja Fonda za Put svile, pri čemu je kineska vlada pružila korisne informacije o prirodi Fonda za Put svile.
In this respect, the Commission was also surprised about the allegation of CNRC made after final disclosure that the GOC had only made an oral response during the Commission's verification visit and that the Commission had not sought further information on the market-based nature of the SRF.
U tom pogledu Komisija je bila iznenađena i tvrdnjom CNRC-a iznesenom nakon konačne objave da je kineska vlada tijekom Komisijina posjeta radi provjere dala samo usmeni odgovor te da Komisija nije tražila dodatne informacije o tržišnoj prirodi Fonda za Put svile.
Rather to the contrary, the Commission had sent an Article 28 letter to the GOC in that respect and received some documentation about the SRF investment by the GOC, which again underlines that this aspect of the GOC financing was properly part of the proceeding.
Naprotiv, Komisija je kineskoj vladi u tom pogledu uputila dopis na temelju članka 28. i od nje primila određene dokumente o ulaganju Fonda za Put svile, čime se ponovno naglašava da je taj aspekt financiranja kineske vlade ispravno uključen u postupak.
The claim that the SRF investment was outside the scope of the investigation was therefore rejected.
Stoga je Komisija odbacila tvrdnju da je ulaganje Fonda za Put svile izvan opsega ispitnog postupka.
13th Five Year Plan for the Development of Foreign Trade, issued by the Ministry of Commerce (‘MOFCOM’), 26 December 2016;
Trinaesti petogodišnji plan za razvoj vanjske trgovine, koji je izdalo Ministarstvo trgovine („MOFCOM”), 26. prosinca 2016.,
13th Five Year Petrochemical Plan;
petogodišnji plan za petrokemijsku industriju,
Guiding Opinions of the State Council on the Promotion of International Production Capacity and Equipment Manufacturing Cooperation, issued in 2015 (‘Guiding Opinions’);
Smjernice Državnog vijeća o promicanju međunarodnog proizvodnog kapaciteta i suradnji u proizvodnji opreme, izdane 2015. („Smjernice”),
Notice on Appropriating Subsidized Funds of Key Projects of 2015 Special Funds for the Development of Foreign Trade and Economy, C.H.
Obavijest o dodjeli subvencioniranih sredstava ključnih projekata posebnih fondova za razvoj vanjske trgovine i gospodarstva u 2015., C.H.
No 653 and Chemchina File [2016] No 144;
br. 653 i spis društva Chemchina [2016.] br. 144,
Notice of the Ministry of Finance on Release of Central State-Owned Capital Operating Budget in 2016, CZ [2016], No 18.
Obavijest Ministarstva financija o oslobađanju središnjeg državnog kapitala iz operativnog u 2016., CZ [2016.], br. 18.
The Commission found that the GOC had intervened in several ways to facilitate the acquisition of the 65 % stake in the Pirelli Group by CNRC.
Komisija je utvrdila da je kineska vlada intervenirala na nekoliko načina kako bi olakšala CNRC-u stjecanje 65 % udjela Grupe Pirelli.
First, CNRC received a grant of 500 million RMB (around 66 million EUR) from SASAC, to ‘promote global production capacity cooperation under the ‘One Belt, one Road Initiative’’, in line with the Notice of the Ministry of Finance on Release of Central State-Owned Capital Operating Budget in 2016, CZ [2016], No 18.
Prvo, CNRC primio je od SASAC-a bespovratna sredstva u iznosu od 500 milijuna CNY (približno 66 milijuna EUR) radi „promicanja globalne suradnje u pogledu proizvodnog kapaciteta u okviru inicijative ‚Jedan pojas, jedan put’” u skladu s Obaviješću Ministarstva financija o oslobađanju središnjeg državnog kapitala iz operativnog u 2016., CZ [2016.], br. 18.
Second, CNRC received a 800 million EUR preferential loan from a bank consortium including China Development Bank (‘CDB’), EXIM and China Construction Bank (‘CCB’).
Drugo, CNRC primio je povlašteni zajam od 800 milijuna EUR od bankarskog konzorcija, koji uključuje banke China Development Bank („CDB”), EXIM i China Construction Bank („CCB”).
The loan agreement mentions as purpose of the loan the acquisition of Pirelli.
U ugovoru o zajmu kao svrha zajma navodi se preuzimanje Grupe Pirelli.
Third, CNRC received a 17 million RMB refund of the interest paid on the loan mentioned in the recital above.
Treće, CNRC primio je povrat od 17 milijuna CNY na ime kamata plaćenih na zajam naveden u prethodnoj uvodnoj izjavi.
This refund was granted by the Ministry of Finance ‘for the acquisition of Pirelli's stock rights’ as part of the ‘key projects of 2015 special funds for the development of foreign trade’, in line with the Notice on Appropriating Subsidized Funds of Key Projects of 2015 Special Funds for the Development of Foreign Trade and Economy, C.H.
Taj je povrat odobrilo Ministarstvo financija „za stjecanje dioničarska prava društva Pirelli” u okviru „ključnih projekata posebnih fondova za razvoj vanjske trgovine u 2015.” u skladu s Obavijesti o dodjeli subvencioniranih sredstava ključnih projekata posebnih fondova za razvoj vanjske trgovine i gospodarstva u 2015., C.H.
No 653 and Chemchina File [2016] No 144.
br. 653 i spis društva Chemchina [2016.] br. 144.
Fourth, the GOC participated in the acquisition of the stake in the Pirelli Group by providing an equity participation worth 533 million EUR via SRF, a government investment fund which is part of the ‘One Belt, one Road Initiative’.
Četvrto, kineska vlada sudjelovala je u stjecanju udjela u Grupi Pirelli osiguranjem dijela temeljnog kapitala u iznosu od 533 milijuna EUR putem Fonda za Put svile, državnog investicijskog fonda koji je dio inicijative „Jedan pojas, jedan put”.
The investment agreement deals with the practical details of the transaction, but is silent about the underlying conditions.
Sporazum o ulaganju obuhvaća praktične pojedinosti transakcije, ali se u njemu ne navode temeljni uvjeti.
The Commission was not provided with any other documents between the SRF and the CNRC relating to this specific operation.
Komisiji nisu dostavljeni drugi dokumenti o toj operaciji između SRF-a i CNRC-a.
Finally, the GOC participated in the restructuring exercise within the China National Tire Group after the acquisition by providing an equity participation worth 266 million EUR via the China Cinda Asset Management Company Ltd (‘Cinda’) in the company holding the Pirelli Group's industrial tire business.
Konačno, kineska vlada sudjelovala je u restrukturiranju Grupe China National Tire nakon tog stjecanja jer je putem društva China Cinda Asset Management Company Ltd. („Cinda”) osigurala dio temeljnog kapitala u iznosu od 266 milijuna EUR u društvu Grupe Pirelli za industrijske gume.
Public Bodies
Javna tijela
Some of the GOC's support was thus provided directly (e.g. via grants), some of it was provided indirectly via state-owned entities.
Stoga je kineska vlada dio potpore pružila izravno (npr. putem bespovratnih sredstava), a dio je pružila neizravno putem subjekata u državnom vlasništvu.
Concerning the preferential loan mentioned in recital above, the Commission already established in section 3.4.1 above that CDB, EXIM and CCB were acting as public bodies within the meaning of Articles 3 and 2 (b) of the basic Regulation when providing loans to the sampled companies.
Kad je riječ o povlaštenim zajmovima iz prethodne uvodne izjave, Komisija je već utvrdila u prethodnom odjeljku 3.4.1. da su CDB, EXIM i CCB djelovali kao javna tijela u smislu članka 3. i članka 2. točke (b) osnovne uredbe kada su davali zajmove društvima u uzorku.
With respect to SRF and Cinda, the Commission found that both entities are fully owned by the GOC and their corporate governance structure indicates that the State exercises a meaningful influence over them.
Kad je riječ o Fondu za Put svile i društvu Cinda, Komisija je utvrdila da su oba subjekta u 100 %-nom vlasništvu kineske vlade i da njihova struktura njihova korporativnog upravljanja upućuje na to da država na njih ima znatan utjecaj.
According to its website, SRF is a State-owned entity established and supported by the State to provide investment and financing support for trade and economic cooperation and connectivity under the framework of the Belt and Road Initiative.
Kako je navedeno na njegovu web-mjestu, Fond za Put svile jest subjekt u državnom vlasništvu koji je osnovala i podupire država kako bi se pružila investicijska i financijska potpora za trgovinsku i gospodarsku suradnju i povezivanje u okviru inicijative „Pojas i put”.
The company is 100 % owned by the State through the State Administration of Foreign Exchange, China Investment Corporation, EXIM Bank and CDB.
Društvo je u 100 %-nom državnom vlasništvu putem Državne uprave za devize, društva China Investment Corporation i banaka EXIM i CDB.
It has a board of directors and a board of supervisors, which consist of representatives from various Ministries.
Ima upravni odbor i nadzorni odbor, koji se sastoje od predstavnika različitih ministarstava.