natgillin/translations-raw huggingface dataset:
When analysing whether banks possess, are vested with or exercise government authority (i.e. they are public bodies) the Commission used all available information concerning not only government ownership of the banks but also other characteristics such as government presence on the board of directors, government influence and control over banks activities, the pursuit of government policies or interests and whether bank entities were created by statute.
državne banke imajo največji tržni delež in so vodilne akterke na trgu LRK;
From the available information it is concluded that the fully State-owned banks with a board of directors dominated by the government of the PRC hold the highest market share and are the predominant players in the Chinese financial market.
na podlagi razpoložljivih dejstev je mogoče sklepati, da vlada državne banke nadzoruje prek lastništva in upravnega nadzora nad njihovim poslovanjem, vključno s postavljanjem omejitev za obrestne mere, ki jih lahko ponujajo;
State-owned banks are subject to legal rules which require them, inter alia, to carry out their loan business according to the needs of the national economy, provide credit support to encouraged projects [19] or give priority to the development of high and new technology industries [20].
zakon o bančništvu ter drugi zakoni in uredbe zahtevajo od bank, da posojajo v skladu s potrebami nacionalnega gospodarstva, zagotavljajo kreditno podporo spodbujanim projektom ter dajejo prednost podjetjem z novo tehnologijo in visokotehnološkim podjetjem.
Another sign of State involvement in the Chinese financial market is the role played by the PBOC in setting specific limits on the way interest rates are set and fluctuate.
Na podlagi navedenega se sklene, da državne banke izvajajo vladne funkcije v imenu vlade LRK, in sicer obvezno spodbujanje nekaterih gospodarskih sektorjev v skladu z državnim načrtovanjem in političnimi dokumenti.
Financial institutions are requested to provide loan rates within a certain range of the benchmark loan interest rate of the PBOC.
Obsežno vladno lastništvo v državnih bankah potrjuje, da banke pri izvajanju svojih javnih funkcij nadzoruje vlada.
For preferential loans the interest rates are not allowed to float upwards.
Vlada LRK izvaja bistven nadzor nad državnimi bankami, in sicer s široko vladno udeležbo v finančnem sektorju ter zahtevo, da državne banke upoštevajo vladne politike.
Limits on the loans interest rates together with the ceilings imposed on deposit rates create a situation in which the banks have guaranteed access to cheap capital (because of the deposit rates regulation) and are able to lend to the selected industries at favourable rates in accordance with the governmental policy of directing banks to act in a particularly supportive manner to certain encouraged and/or high-tech industries, such as the filament fibre glass fibre industry.
Zato se šteje, da so državne banke javni organi, ker imajo in izvajajo pooblastilo vlade, ali jim je to dodeljeno.
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).
Vlada LRK je po razkritju izpodbijala ta sklep z navedbo, da Komisija ni opredelila razlogov za domnevo, da so državne banke javni organi.
However, as described in Section C.2.2 above, the government of the PRC did not provide these Circulars.
Komisija meni, da dejstva v zgoraj navedenih uvodnih izjavah utemeljujejo sklep, da so državne banke javni organi.
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.
Čeprav večino posojil vzorčenim proizvajalcem izvoznikom zagotavljajo državne banke, je bilo v preiskavi ugotovljeno, da majhen delež posojil zagotavljajo tudi zasebne banke.
The abolition of the floor lending rates occurred however during the investigation period.
Komisija je zato analizirala, ali kitajska vlada bankam v zasebni lasti v LRK zaupa in/ali ukaže, naj zagotovijo prednostna posojila proizvajalcem steklenih vlaken, in sicer v smislu člena 3(1)(a)(iv) osnovne protisubvencijske uredbe.
Accordingly, the PBOC influenced the setting of interest rates by State-owned banks for the main part of the investigation period.
V členu 34 zakona o bančništvu je navedeno, da morajo tudi zasebne banke „svojo posojilno dejavnost izvajati v skladu s potrebami nacionalnega gospodarstva in družbenega razvoja ter v duhu državnih industrijskih politik“ [24].
In addition, the investigation did not show any immediate effect from the abolition on the loans received by the sampled producers.
Preiskava je pokazala, da so bile stopnje obrestnih mer, ki so jih državne in zasebne banke zaračunavale vzorčenim proizvajalcem izvoznikom, na splošno zelo podobne.
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.
To pomeni, da državne banke, ki so glavni akterji na bančnem trgu in na trgu posojil v LRK, določajo obrestne mere za posojila in da zasebne banke preprosto upoštevajo obrestne mere, ki jih določijo državne banke (javni organi).
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.
V teh okoliščinah se sklene, da zasebne banke ne določajo svojih obrestnih mer neodvisno od poseganja države in da strategijo posojil zasebnih bank usmerja vlada LRK.
These facts are summarised as follows:
Vlada LRK je po razkritju oporekala razlagi člena 34 zakona o bančništvu, ki jo je podala Komisija, z navedbo, da „Komisija členu 34 pripisuje pomen, ki mu ga nedvomno ni mogoče pripisati“.
State-owned banks hold the highest market share and are the predominant players on the market in the PRC,
Poleg tega je pozornost Komisije usmerila k drugim členom zakona o bančništvu, tj. k členom 4, 5 in 7, ki zagotavljajo, da se posojila podeljujejo brez vmešavanja in na podlagi ocene kreditnega tveganja.
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,
Komisija potrjuje, da ti členi obstajajo, vendar meni, da jih je treba razumeti in brati ob upoštevanju določb člena 34.
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.
V zvezi s tem je treba opozoriti, da niti vlada LRK niti banke ali zadevne vzorčene družbe niso mogle dokazati, da so se posojila zagotavljala brez vmešavanja ali na podlagi ustrezne ocene kreditnega tveganja.
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.
Nasprotno, preiskava je pokazala, da je eden od proizvajalcev izvoznikov posloval z izgubo, vendar mu je kljub temu uspelo od bank dobiti posojila po običajnih obrestnih merah brez kakršnega koli pribitka zaradi težavnega finančnega položaja.
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.
Komisija torej ugotavlja, da vlada zasebnim bankam dodeli ali ukaže zagotavljanje prednostnega financiranja na podoben način, kot ga zagotavljajo državne banke, kar pomeni, da gre za finančni prispevek v smislu člena 3(1)(a)(iv) osnovne protisubvencijske uredbe.
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.
Specifičnost
State-owned banks are therefore considered to be public bodies because they possess, are vested with, and exercise, governmental authority.
Banke, ki so sodelujočim proizvajalcem izvoznikom zagotavljale posojila, so v veliki večini državne banke, ki jih na končni stopnji nadzoruje vlada LRK.
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.
Te vključujejo glavne poslovne banke in banke za izvajanje politik v LRK, kot so Kitajska razvojna banka, banka EXIM, Kmetijska banka Kitajske, Banka Kitajske, Konstrukcijska banka Kitajske ter Industrijska in poslovna banka Kitajske.
The Commission is satisfied that the facts set out in the above recitals justify the conclusion that State-owned banks are public bodies.
Poleg tega Komisija ugotavlja, da vlada LRK namenja prednostna posojila omejenemu številu industrij.
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.
Na primer, v sklepu št. 40 je navedeno, da bo kitajska vlada dejavno podpirala razvoj industrij novih materialov, industrija steklenih vlaken pa se šteje za novo industrijo.
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.
Poleg tega je vsem finančnim institucijam naročeno, naj zagotovijo kreditno podporo samo za spodbujane projekte, tj. kategorijo, v katero spadajo projekti v zvezi s steklenimi vlakni.
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].
S to odločitvijo se obeta tudi izvajanje „drugih politik ugodnosti za spodbujane projekte“.
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.
Vlada LRK je trdila, da se je Komisija neupravičeno oprla na sklep št. 40, saj zadevni izdelek ni uvrščen med spodbujane industrije.
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).
Poleg tega je trdila, da se, tudi če bi se sprejelo, da je industrija spodbujana, na sklep št. 40 ni mogoče sklicevati v zvezi z industrijo, ki ni navedena v sklepu št. 9 („glavni katalog o prestrukturiranju industrije iz leta 2011“).
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.
Vzorčeni proizvajalci izvozniki spadajo v kategorije spodbujanih industrij, navedene zgoraj (uvodne izjave 67–76), ter v kategorijo visokotehnološke industrije in industrije z novo tehnologijo.
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’.
Poleg tega so, v nasprotju s trditvijo vlade, posebna steklena vlakna in z njimi povezani izdelki ter peči za proizvodnjo E-stekla izrecno navedeni v točki 6 poglavja XII sklepa št. 9 [25].
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.
Trditev je zato neutemeljena.
The Commission acknowledges that these Articles exist but considers that they should be understood and read in light of the provisions of Article 34.
Ugodnost
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.
Ugodnost obstaja v obsegu, v katerem se vladna posojila ali posojila zasebnih organov, ki jim vlada zaupa ali ukaže opravljanje funkcij, dodelijo pod pogoji, ugodnejšimi od tistih, ki bi jih prejemnik dejansko lahko pridobil na trgu.
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.
Nujnost zanašanja na referenčno vrednost
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 se je odločila preveriti oceno kreditnega tveganja, ki so jo izvedle banke, ki so posodile denar vzorčenim proizvajalcem izvoznikom v obdobju preiskave.
Specificity
Nekateri proizvajalci izvozniki so imeli izgubo.
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.
Kljub temu jim je uspelo pri bankah dobiti posojila po referenčni obrestni meri brez kakršnega koli pribitka za tveganje, povezano z njihovim vedno slabšim finančnim položajem.
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.
Komisija zato upravičeno dvomi, da so posojila proizvajalcem steklenih vlaken temeljila na natančni oceni tveganja in da je bila na podlagi tega določena obrestna mera.
Moreover, the Commission notes that the government of the PRC directs preferential lending to a limited number of industries.
Kot je bilo pojasnjeno, ker posojila, ki jih zagotavljajo kitajske banke, izražajo znatno poseganje vlade v bančni sektor in ne izražajo obrestnih mer delujočega bančnega trga, je bila ustrezna referenčna vrednost oblikovana z metodami, opisanimi v nadaljevanju.
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.
Poleg tega je Komisija pri določitvi ustrezne referenčne obrestne mere zaradi nesodelovanja vlade LRK uporabila razpoložljiva dejstva.
Also, all financial institutions are instructed to provide credit support only to encouraged projects, the category in which the filament glass fibre projects belong.
Pri oblikovanju ustrezne referenčne vrednosti za posojila, izražena v CNY, se zdi smiselno, da se uporabijo kitajske obrestne mere, prilagojene tako, da kažejo običajno tržno tveganje.
That decision also promises the implementation of ‘other preferential policies on the encouraged projects’.
Pravzaprav se zdi v primeru, ko je trenutno finančno stanje izvoznikov ugotovljeno na izkrivljenem trgu bančnih posojil ter ko kitajske banke ne predložijo nobenih zanesljivih informacij glede meritev tveganja in določanja bonitetne ocene, nujno, da se ne upošteva kreditna sposobnost kitajskih izvoznikov po nominalni vrednosti, ampak se doda pribitek, ki kaže potencialni učinek kitajskega izkrivljenega trga na njihov finančni položaj.
The government of the PRC claimed the Commission wrongfully relied on decision 40 since the product concerned is not classified as an encouraged industry.
Enako velja za posojila, izražena v tujih valutah.
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’).
Za referenčno vrednost so bile uporabljene podjetniške obveznice z bonitetno oceno BB, izražene v ustreznih valutah in izdane v OP.
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.
Kot je pojasnjeno zgoraj, je Komisija od vlade LRK in sodelujočih proizvajalcev izvoznikov zahtevala, naj predložijo informacije o posojilnih politikah kitajskih bank in načinu dodeljevanja posojil proizvajalcem izvoznikom.
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.
Vendar teh informacij ni prejela.
The claim is therefore unfounded.
Glede na nezadostno sodelovanje in vsa razpoložljiva dejstva ter v skladu z določbami člena 28(6) osnovne protisubvencijske uredbe se zdi primerno upoštevati, da bi vsa podjetja na Kitajskem dobila samo obveznice najvišje ocene „stopnja nevlaganja“ (BB pri agenciji Bloomberg), in uporabiti ustrezno premijo, pričakovano za obveznice, ki jih izdajo podjetja s to oceno, za običajno obrestno mero Ljudske banke Kitajske.
Benefit
Zato se je pri izračunu referenčne obrestne mere za posojila vzorčenim družbam v OP premija za tveganje izračunala na podlagi razlike med obrestnimi merami za obveznice, ki so jih izdale družbe z oceno BB, in obveznice, ki so jih izdale družbe z oceno AAA (to je bonitetna ocena obveznic, ki jih izdaja LRK), evidentirane pri agenciji Bloomberg.
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.
Izračunana premija za tveganje se je nato prištela objavljenim posojilnim obrestnim meram LBK za obveznice z oceno BB, pri čemer se je upoštevalo trajanje posojil.
The necessity to rely on a benchmark
Ugodnost za proizvajalce izvoznike je bila nato izračunana kot razlika med obrestmi, ki so jih družbe v OP dejansko plačale, in obrestmi, ki bi jih plačale, če bi se za posojila uporabljala referenčna obrestna mera.
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.
Ta izračunana ugodnost je bila nato izražena kot odstotni delež celotnega prihodka od prodaje vsakega sodelujočega proizvajalca izvoznika.
Some of the exporting producers were incurring losses.
Vlada LRK je po razkritju trdila, da Komisija pri izračunu ugodnosti ne bi smela uporabiti referenčne vrednosti, saj naj bi bila posojila odobrena pod tržnimi pogoji in se torej niso mogla šteti za ugodnost.
They nevertheless succeeded in receiving loans from banks at the benchmark rate without any mark-up for risk related to their worsening financial situation.
Kot je pojasnjeno v uvodnih izjavah 127–130, je trg bančnih posojil v LRK izkrivljen, zato je po mnenju Komisije uporaba referenčne vrednosti popolnoma upravičena.
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.
Poleg tega je vlada LRK trdila, da Komisija izbire zadevne referenčne vrednosti ni dovolj utemeljila.
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.
Komisija meni, da se pri oblikovanju ustrezne referenčne vrednosti za posojila zdi smiselno, da se uporabijo kitajske obrestne mere, prilagojene tako, da kažejo običajno tržno tveganje.
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.
Pravzaprav se zdi v primeru, ko je trenutno finančno stanje izvoznikov ugotovljeno na izkrivljenem trgu bančnih posojil ter ko kitajske banke ne predložijo nobenih zanesljivih informacij glede meritev tveganja in določanja bonitetne ocene, nujno, da se doda pribitek, ki kaže potencialni učinek kitajskega izkrivljenega trga na njihov finančni položaj.
When constructing an appropriate benchmark for RMB denominated loans, it is considered reasonable to apply Chinese interest rates, adjusted to reflect normal market risk.
Sklep
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.
Komisija na podlagi ugotovitev preiskave sklepa, da je imela industrija steklenih vlaken v LRK ugodnosti od prednostnih posojil v OP, ki so jih dodeljevale državne in zasebne banke.
The same situation applies for the loans denominated in foreign currencies.
Financiranje industrije steklenih vlaken je subvencija v smislu osnovne uredbe, ker
The BB rated corporate bonds with relevant denominations issued during the IP were used as a benchmark.
obstaja finančni prispevek vlade, kot je navedeno v členu 3(1)(a)(i);
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.
vlada zaupa in ukaže opravljanje funkcij, kot je navedeno v členu 3(1)(a)(iv), in
Such information was however not provided.
to prinaša ugodnosti, kot zahteva člen 3(2).
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.
Zaradi obstoja finančnega prispevka, ugodnosti za proizvajalce izvoznike in specifičnosti se lahko za to subvencijo uvedejo izravnalni ukrepi.
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.
Izračun zneska subvencije
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.
V členu 6(b) osnovne protisubvencijske uredbe je določeno, da je treba ugodnost od prednostnih posojil izračunati kot razliko med zneskom plačanih obresti in zneskom, ki bi ga plačala družba za primerljivo komercialno posojilo, ki bi ga lahko pridobila na trgu.