natgillin/translations-raw huggingface dataset:
The normative framework analysed in section 3.4.1.1(b) above applies to them in an identical manner.
Na ravni posameznih družb, ki sodelujejo pri proizvodnji vroče valjanih ploščatih izdelkov, so bile v OP v računovodskih izkazih evidentirane izgube, vendar se to ni ponavljalo, iz drugih finančnih kazalnikov, kot sta razmerje med dolgom in sredstvi ali stopnja kritja dolga, pa niso bile razvidne večje strukturne težave v zvezi z zmožnostjo družb, da odplačajo dolg.
Absent any indication to the contrary, based on best facts available, the lack of concrete evidence of creditworthiness assessments is valid for them in the same manner as for the five cooperating state-owned banks, so that the analysis on the concrete application of the normative framework in section 3.4.1.1(b) above applies to them in an identical manner.
Vendar je Komisija na kraju samem ugotovila tudi, da je ta družba med vzorčenimi posojili prejela eno posojilo revolving.
Moreover, the Commission observed that the majority of loan contracts which the Commission had obtained from the sampled companies had similar conditions and that the lending rates which had been agreed were similar and partly overlap with the rates provided by the five cooperating state-owned banks.
Poleg tega je bilo v preglednicah s posojili precej kratkoročnih posojil ob njihovem izteku nadomeščenih z novimi posojili v enakem znesku.
The Commission considered therefore that the findings for the five cooperating state-owned banks constituted the best facts available for assessing the 30 other state-owned banks, due to those similarities in loan conditions and lending rates and the representativeness of the five financial institutions that were verified.
Ena od vzorčenih družb v skupini je od finančne institucije, ki je specializirana za slaba posojila, prejela kratkoročno posojilo z zelo visoko obrestno mero – med 14 % in 16 % –, kar prav tako kaže, da je imela v OP težave z likvidnostjo.
On that basis, the Commission concluded that the other 30 state-owned banks which provide loans to the sampled companies are public bodies within the meaning of Articles 3 and 2(b) of the basic Regulation.
Ta primer je dodatno potrdil presojo Komisije, da kitajske bonitetne ocene AAA skupine Jiangsu Shagang Group ne upošteva kot zanesljive.
After disclosure, the GOC objected to the assessment of the formal indicia of control by the Commission, stating that the Commission had made a general country-wide assessment of all financial institutions without taking into account the core characteristics and functions of particular entities and their relationship with the government.
Komercialnemu zapisu, ki ga je izdala skupina Jiangsu Shagang Group, je bonitetna agencija Moody's leta 2013 dala oceno Prime-1.
More specifically, the GOC held that a difference should be made between financial institutions held by SOEs and those which are directly held by the GOC.
Vendar je ta ocena temeljila na oceni podružnice Banke Kitajske New York Mellon, ki je zagotovila jamstvo ravno zato, ker skupina Jiangsu Shagang Group sama ni imela zanesljive in neodvisne bonitetne ocene.
As far as the country-wide assessment is concerned, the Commission noted that it had carried out a specific public-body-analysis for each of the financial institutions for which the GOC had submitted the relevant information requested.
Finančne institucije, ki so zagotovile posojila, niso izvedle ocene kreditne sposobnosti.
Unfortunately, the GOC did not submit information for all the other financial institutions that extended loans to the sampled cooperating exporting producers, as explained in section 3.2.
Da bi Komisija lahko določila ugodnost, je morala oceniti, ali so bile obrestne mere za posojila, dodeljena skupini Jiangsu Shagang Group, na tržni ravni.
The Commission was thus forced to make a public-body-analysis on the basis of best facts available.
Za obveznice z oceno špekulativnega razreda se šteje, da imajo špekulativne lastnosti.
Conclusion on state-owned financial institutions
Dolžniki z oceno špekulativnega razreda bodo verjetno imeli nekatere kakovostne in zaščitne lastnosti, vendar lahko nad njimi prevladajo velike negotovosti ali velika izpostavljenost neugodnim okoliščinam.
In light of the above considerations the Commission found that all 35 state-owned Chinese financial institutions that provided loans to the four sampled groups of cooperating exporting producers are public bodies within the meaning of Articles 3 and 2(b) of the basic Regulation.
Ocena BB je najvišja ocena v tej kategoriji in pomeni, da je dolžnik v bližnji prihodnosti manj ranljiv kot drugi nižje ocenjeni dolžniki.
In addition, even if the state-owned financial institutions were not to be considered as public bodies, the Commission found that they would also be considered entrusted and directed by the GOC to carry out functions normally vested in the government, within the meaning of Article 3(1)(a)(iv) of the basic Regulation for the same reasons, as set out in recitals (143) and (144) below.
Vendar se sooča z velikimi negotovostmi in je izpostavljen negativnim poslovnim, finančnim ali gospodarskim razmeram, zaradi česar v skladu z opredelitvami bonitetne ocene agencije Standard and Poor's morda ne bo mogel izpolniti svojih finančnih obveznosti.
Thus, their conduct would be attributed to the GOC in any event.
Premija, ki se pričakuje za obveznice, ki jih izdajo podjetja s to oceno (BB), se je nato uporabila za običajno posojilno obrestno mero Ljudske banke Kitajske, da bi se določila tržna obrestna mera.
Entrustment and direction of private financial institutions
Navedeni pribitek se je določil z izračunom relativnega razmika med indeksi podjetniških obveznic z bonitetno oceno A in podjetniškimi obveznicami z bonitetno oceno BB v ZDA na podlagi podatkov družbe Bloomberg za industrijske segmente.
The Commission then turned to the ten remaining financial institutions.
Tako izračunan relativni razmik se je nato prištel referenčni obrestni meri, kot jo je Ljudska banka Kitajske objavila na datum dodelitve posojila, in za obdobje trajanja zadevnega posojila.
The following eight financial institutions were considered to be privately owned: HSBC, Standard Chartered Bank, Ping An Bank, Australia & New Zealand Banking Group (China) Limited, Shagang Group Finance, DBS Group (China) Limited, Bank of Beijing, Hang Seng Bank.
To se je izvedlo za vsako posojilo, zagotovljeno družbi.
In addition, Jinfeng Rural Commercial Bank and SPB Bank were considered to be private in the absence of any publicly available information on their ownership structure.
Za posojila, izražena v tujih valutah v LRK, veljajo podobne razmere v zvezi z izkrivljanjem trga in neobstojem veljavnih bonitetnih ocen, ker tudi ta posojila dodeljujejo iste kitajske finančne institucije.
The Commission analysed whether these financial institutions had been entrusted or directed by the Government of China to grant subsidies to the steel sector within the meaning of Article 3(1)(a)(iv) of the basic Regulation.
Zato so se za določitev pribitka, kot je bilo ugotovljeno, uporabile podjetniške obveznice z bonitetno oceno BB, izražene v ustreznih valutah in izdane v OP, pribitek pa se je nato prištel posojilni obrestni meri USD LIBOR, da se je določila ustrezna referenčna vrednost.
According to the WTO Appellate Body, ‘entrustment’ occurs where a government gives responsibility to a private body and ‘direction’ refers to situations where the government exercises its authority over a private body [20].
Da bi Komisija upoštevala tveganje, ki so ga še povečale prakse dodeljevanja posojil revolving na ravni posameznih družb, ki sodelujejo pri proizvodnji vroče valjanih ploščatih izdelkov, je poleg tega poskušala opredeliti še eno ustrezno referenčno vrednost na kitajskem trgu.
In both cases, the government uses a private body as proxy to effectuate the financial contribution, and ‘in most cases, one would expect entrustment or direction of a private body to involve some form of threat or inducement’ [21].
V zvezi s tem je opozorila, da je banka v državni lasti eni od družb v skupini Jiangsu Shagang Group zagotovila posojilo z zapadlostjo 16 mesecev ter obrestno mero med 14 % in 16 %.
At the same time, paragraph (iv) does not allow Members to impose countervailing measures to products ‘whenever the government is merely exercising its general regulatory powers’ [22] or where government intervention ‘may or may not have a particular result simply based on the given factual circumstances and the exercise of free choice by the actors in that market’ [23].
Po navedbah skupine Jiangsu Shagang Group je bila razmeroma visoka obrestna mera posledica dejstva, da je ta posebna finančna institucija specializirana za posojila družbam v finančnih težavah, zadevna družba pa je njene storitve izkoristila za reševanje začasne težave z likvidnostjo.
Rather, entrustment and direction implies ‘a more active role of the government than mere acts of encouragement’ [22] Appellate Body Report, DS 296, para.
Posojila revolving so običajno kazalnik težav s kratkoročno likvidnostjo, zato se za pogoje in zapadlost navedenega posojila šteje, da so ustrezni za upoštevanje dodatne ugodnosti, ki izhaja iz uporabe posojil revolving.
115.
Zato je bilo po mnenju Komisije primerno ta podatek uporabiti kot ustrezno referenčno vrednost za vsa posojila z zapadlostjo dveh let ali manj, zagotovljena na ravni proizvodnih družb, ki so izkoristila posojila revolving.
The Commission noted that the normative framework concerning the steel industry mentioned above in recitals (100) to (120) applies to all financial institutions in the PRC, including privately owned financial institutions.
Posojila revolving se dejansko običajno sklenejo za kratka obdobja.
To illustrate this, the notice ‘Several Opinions on Resolving Overcapacity’ is addressed to all policy banks, large banks, joint-stock banks, postal savings banks, foreign-invested banks, financial asset management companies, and other financial institutions under the management of the CBRC.
Zelo malo verjetno je, da bi bila zapadlost posojila revolving daljša od dveh let, to ugotovitev pa potrjujejo konkretni dokazi o posojilih, ki so bili preverjeni v vzorčenih družbah.
Furthermore, the verification visits in the sampled companies revealed that the majority of loan contracts which the Commission had obtained from the sampled companies had similar conditions, and that the lending rates provided by the private financial institutions were similar and partly overlapped with the rates provided by the publicly owned financial institutions.
V pripombah po razkritju so kitajska vlada in vzorčene sodelujoče družbe izrazile pomisleke glede metodologije za izračun relativnega razmika, kakor je navedeno v uvodni izjavi (169).
The Commission also sent letters to these ten financial institutions with a request for further information on their loan practices and risk assessment Only one replied, indicating that it could not reply without having consulted the regulatory authorities.
Komisija se je na te pripombe odzvala, tako da je vsem zainteresiranim stranem poslala dodatni dokument, v katerem je podrobneje pojasnila uporabljeno metodologijo.
Hence, none of these institutions provided any evidence contradicting the Commission's findings.
Na kratko, zainteresirane strani so prejele naslednje dokumente:
In the absence of any divergent information received from the private financial institutions, the Commission concluded that, in so far as the steel industry is concerned, all financial institutions (including private financial institutions) operating in China under the supervision of the CBRC have been entrusted or directed by the State in the sense of Article 3(1)(a)(iv), first indent of the basic Regulation to pursue governmental policies and provide loans at preferential rates to the steel industry.
Mednarodne prakse v bančnem sektorju se opirajo na referenčno merilo, h kateremu se prišteje dodatna premija, ki se izrazi kot absolutni in ne kot relativni pribitek.
Following disclosure, the GOC observed that the Commission needed to clarify whether it applied the ‘entrustment’ or ‘direction’ standard, as both are mutually exclusive.
Primer je lahko obrestna mera IBOR ali LIBOR ali EURIBOR plus 1 %.
Furthermore, the GOC asserted that the Commission's interpretation of entrustment or direction was too narrow, as it focused on a legal standard implying ‘a more active role of the government than mere acts of encouragement’.
Sestavna dela obrestne mere odražata valutno ali deželno tveganje (del obrestne mere, ki ustreza obrestni meri centralne banke ali netvegani obrestni meri družbe) in tveganje za posamezne družbe (v absolutnih vrednostih izražen pribitek za družbo, ocenjeno z BB).
The GOC on the other hand maintained that the Panel in US — Export Restraints required a deeper analysis based on the existence of (i) an explicit and affirmative action, be it delegation or command, (ii) addressed to a particular party, and (iii) the object of which action is a particular task or objective.
Relativni razmiki se povečujejo z nižanjem netvegane stopnje, čeprav absolutni razmik ostane nespremenjen.
[24]
Poleg tega so z uporabo te metodologije relativni razmiki izredno veliki pri negativnih obrestnih merah.
On the first point, the Commission considered that the ‘entrustment’ and ‘direction’ standards were not mutually exclusive, since in both cases, the government uses a private body as proxy to effectuate a financial contribution.
V skladu s preteklimi podatki, ki jih je predložila kitajska vlada („Pretekli podatki o relativnem razmiku“) je bil absolutni razmik v glavnem stabilen skozi čas, medtem ko so za relativni razmik bila značilna velika nihanja.
Concerning the second point, the Commission disagreed with the GOC's interpretation of the legal standard to be applied.
Poleg tega je povprečni absolutni razmik podoben absolutnemu razmiku v OP.
As already described in recital (142) above, the Commission based itself on subsequent WTO case law, in which the Appellate Body held that the replacement of the words ‘entrusts’ and ‘directs’ by ‘delegation’ and ‘command’ was too rigid as a standard [25] It follows that the standard of proof established by the Appellate Body in this case was less strict than the original Panel's interpretation in the US — Export Restraints case.
Komisija je uporabila povprečni relativni razmik v OP za posojila z različnimi zapadlostmi, ki se gibajo med 1 letom in 10 leti.
In any event, the GOC failed to put forward any evidence or argument to rebut the Commission's findings about entrustment or direction in the sense of Article 3(1)(a)(iv) of the basic Regulation in the present investigation.
Uporaba relativnega razmika za obveznice z različnimi zapadlostmi kaže velike razlike glede na trajanje posojil ter da se absolutni in relativni razmik gibata v različnih smereh za različne zapadlosti.
On the basis of these documents it is demonstrated that the financial institutions only provide preferential lending to a limited number of industries/companies which comply with the relevant policies of the GOC.
Relativni razmik je bil uporabljen za napačno referenčno obrestno mero za posojila, odobrena pred letom 2015, ki v (delu leta) 2015 še niso bila poravnana, saj je Komisija upoštevala obrestno mero Ljudske banke Kitajske, ki se je uporabljala v trenutku, ko je bilo posojilo odobreno.
Following disclosure, the GOC indicated that, based on the AB report in US-Aircraft (Second Complaint), the specificity analysis should focus not only on ‘the particular recipients identified in the complaint, but … also on all enterprises or industries eligible to receive that same subsidy’ [26] and that, according to the Panel report in EC — Aircraft [27], in order to be specific, a subsidy must be provided to a sufficiently limited ‘group’ of enterprises or industries.
V nobenem od teh virov ni bilo navedeno, da bi se ta razlika morala izraziti v relativnih vrednostih, poleg tega pa vsi viri niso bili zanesljivi.
The GOC also submitted that the Commission failed to specify which part of the documents referred to by the Commission concerns the explicit granting of preferential loans to the steel industry.
Glede prvega je Komisija priznala, da poslovne banke običajno uporabljajo pribitek, izražen v absolutnih vrednostih.
In this respect, the Commission referred to the documents that were listed in recital (100) above.
Ugotovljala je, da so razlogi za to prakso v glavnem praktične narave, kajti obrestna mera je navsezadnje absolutno število.
It considered that references to the steel industry are sufficiently clear as this industry is identified either by its name or by a clear reference to the product that it manufactures or the industry group that it belongs to.
Vendar absolutno število izraža oceno tveganja, ki temelji na relativnem vrednotenju.
Moreover, the fact that the GOC supports a limited group of encouraged industries, including the steel industry, makes this subsidy specific.
Tveganje neplačila za družbo, ocenjeno z BB, je X % bolj verjetno kot plačilna nesposobnost vlade ali netvegane družbe.
Benefit and calculation of the subsidy amount
To je relativno vrednotenje, ki ga ponazarjajo podatki o preteklem gibanju razmikov (glej analizo spodaj), ki jih je predložila kitajska vlada.
The Commission calculated the amount of the countervailable subsidy.
Relativni razmik odraža spremembe tržnih razmer, kar ne velja za absolutni razmik.
For this calculation it assessed the benefit conferred on the recipients during the IP.
Glede druge in tretje točke se je Komisija strinjala z izhodiščem, da obrestne mere ne odražajo le profilov tveganja družb, pač pa tudi tveganja, ki so odvisna od države in valute.
According to Article 6(b) of the basic Regulation, the benefit conferred on the recipients is the difference between the amount of interest that the company pays on the government loan and the amount that the company would pay for a comparable commercial loan obtainable on the market.
Pogosto, kot tudi v tem primeru, se tveganja, odvisna od države in valute, spreminjajo skozi čas, pri čemer so tveganja od države do države različna.
In this regard, the Commission noted a number of specificities on the Chinese steel market.
Zato netvegane obrestne mere precej nihajo in so včasih nižje v ZDA, včasih pa na Kitrajskem.
The sampled groups of companies differ in terms of their general financial situation.
Stopnje netveganih obrestnih mer se skozi čas spreminjajo, zato lahko iste nominalne absolutne vrednosti pomenijo zelo različne ocene tveganja.
Each of them benefitted from different types of loans during the investigation period with variances in respect of e.g. maturity, collateral, guarantees and other attached conditions.
Na primer, če banka oceni, da je za družbo specifično tveganje neplačila pri 10 % večje kot netvegana obrestna mera (relativna ocena), se lahko absolutne vrednosti razmika, ki tako nastane, gibajo med 0,1 % (pri stopnji netvegane obrestne mere 1 %) in 1 % (pri stopnji netvegane obrestne mere 10 %).
For those two reasons, each company had a different average interest rate based on its own set of loans received.
Z vidika vlagatelja je torej relativni razmik boljši merilni instrument, saj odraža obseg razmika donosa in način, kako nanj vpliva temeljna obrestna mera.
The Commission found during the investigation that the Chinese financing practices in the steel market, as shown by the four sampled groups of producers, are characterised by ‘revolving loans’, i.e. loans which allow a company to replace the capital repaid on loans at the maturity date by fresh capital from new loans.
Ta metoda ni vezana na določeno državo.
According to the Chinese guidelines on risk-based loan classification, they should be classified as so called ‘concerned’ loans, indicating that even though a borrower is currently able to repay the principal and interest of the loan, there are some factors which may negatively affect its repayment ability.
Na primer, če bo netvegana obrestna mera v ZDA nižja od netvegane obrestne mere na Kitajskem, bodo z uporabo te metode absolutne vrednosti pribitkov višje.
However, this was not done in practice as explained above in recital (125).
V nasprotnem primeru, če bo netvegana obrestna mera na Kitajskem nižja kot v ZDA, pa bodo absolutne vrednosti pribitkov nižje.
The Commission assessed individually the financial situation of each sampled group of exporting producers in order to reflect these particularities.
Po navedeni finančni in gospodarski krizi so se relativne vrednosti razmikov obdržale na višjih ravneh v primerjavi z obdobjem pred krizo.
The Commission first analysed the general financial situation and the existence of revolving loans at group level.
Višje relativne vrednosti razmikov odražajo zelo poslabšane makroekonomske temelje in upadlo agregatno povpraševanje, kar je povzročilo tudi padec stopnje inflacije v ZDA (in drugih naprednih gospodarstvih) na zelo nizke ravni.
This analysis was then further extended to the individual companies in the group operating at the level of the HRF production.
Podatki, ki jih je predložila kitajska vlada, kažejo, da iz absolutnih vrednosti razmikov ni razvidno poslabšanje temeljev.
As a result, the Commission calculated the benefit from the preferential lending practices for each sampled group of exporting producers on an individual basis, and allocated such benefit to the product concerned.
Spremenjene razmere na trgu se odražajo v relativnih vrednostih razmika, ki so leta 2006 znašale 27 %, leta 2017 pa 46 %.
The Jiangsu Shagang Group presented itself in a generally profitable situation during the IP, according to its own financial accounts.
Komisija je priznala, da bi uporaba metodologije relativnih vrednosti razmika v primeru negativnih obrestnih mer privedla do nerazumnih rezultatov.
However, the profitability of the group was continuously weak over the period 2012-2015, indicating that minor changes in the internal or external business environment could expose the group to a loss-making situation.
Vendar ta scenarij tukaj ni relevanten.
Its debt to assets ratio is high, but sustainable in a capital intensive industry such as the steel industry.
Komisija je menila, da so v OP relativne vrednosti razmika bolje odražale razmere na trgu, ki so vplivale na kreditno tveganje posameznih družb, kot uporaba absolutnih vrednosti.
This general perception was confirmed on-spot.
Glede četrte točke je Komisija dejstva, ki jih je predložila kitajska vlada, razlagala drugače.
The Commission noted that the Jiangsu Shagang Group has been awarded an AAA rating by the Chinese credit rating agency China Lianhe Credit Rating Co., Ltd., for the issuance of bonds in the Chinese market.
Če se uporabijo podatki, ki jih je predložila kitajska vlada, se vidi, da absolutne vrednosti razmika niso tako stabilne, kot je trdila kitajska vlada, pač pa kažejo na nihanje med 1 in 4,5 %.
However, the Commission also noted that a recent study published by the International Monetary Fund [28] showed significant divergences between local Chinese rating grades and international rating grades.
Poleg tega so se relativne vrednosti razmika v zadnjih 23 letih gibale natanko tako kot absolutne, tj. ko se povečajo relativne vrednosti razmika, se povečajo tudi absolutne vrednosti in obratno.
For example, over 90 % of Chinese bonds are rated AA to AAA by local rating agencies, whereas less than 2 % of firms enjoy such top-notch ratings in the U.S. market.
Glede domnevnega nihanja relativnih vrednosti razmika je razpon podoben; razlika med najvišjimi in najnižjimi vrednostmi je 530 % za relativne in 450 % za absolutne vrednosti razmika.
This is further illustrated in the graph below taken from the study:
Pri uporabi podatkov, ki jih je predložila kitajska vlada, za zgodovinske obrestne mere Ljudske banke Kitajske, je bilo ugotovljeno, da je metodologija relativnih vrednosti privedla do nižjih referenčnih vrednosti v določenih letih kot uporaba absolutnih vrednosti.
Inflated Bond Ratings
Na podlagi dodatnega dokumenta z informacijami je kitajska vlada trdila, da je treba leta 2002 ter leta od 2008 do 2010 izključiti iz analize, saj so bila ta leta „neobičajna“.
(In percent, share of local rating in onshore bond market by 2015)
Komisija ne vidi razloga za neupoštevanje sprememb v poslovnem ciklu.