natgillin/translations-raw huggingface dataset:
In light of the above considerations the Commission found that all State-owned Chinese financial institutions that provided loans to the sampled groups of cooperating exporting producers are public bodies within the meaning of Articles 3 and 2 (b) of the basic Regulation.
Normativni okvir v zvezi z industrijo električnih koles iz uvodnih izjav 195 do 202 velja za vse finančne institucije v LRK, vključno s finančnimi institucijami v zasebni lasti.
In addition, even if the State-owned financial institutions were not to be considered as public bodies, they can 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 (218) to (222) below.
Za ponazoritev, zakon o bankah in različni odloki komisije bančnih regulatorjev Kitajske zajemajo vse banke, ki jih financira Kitajska, in banke s tujimi naložbami v okviru upravljanja komisije bančnih regulatorjev Kitajske.
Thus, their conduct would be attributed to the GOC in any event as explained in section 3.5.1
Poleg tega je preiskava pokazala, da ima večina posojilnih pogodb vzorčenih proizvajalcev izvoznikov podobne pogoje ter da so bile posojilne obrestne mere zasebnih finančnih institucij v večini primerov podobne in so se delno prekrivale z obrestnimi merami, ki so jih zagotavljale finančne institucije v javni lasti.
Entrustment and direction of private financial institutions and institutions whose ownership is not known
Ker Komisija od zasebnih finančnih institucij ni prejela nasprotnih informacij, je sklepala, da je država, kar zadeva industrijo električnih koles, vsem finančnim institucijam (vključno z zasebnimi finančnimi institucijami), ki na Kitajskem poslujejo pod nadzorom komisije bančnih regulatorjev Kitajske, zaupala ali ukazala v smislu prve alinee člena 3(1)(a)(iv) osnovne uredbe, naj izvajajo vladne politike in industriji električnih koles zagotavljajo posojila po preferenčnih obrestnih merah.
The following financial institutions were considered to be privately owned, based on publicly available information: Mizuho Bank (and Mizuho Corporate Bank), Bank of Tokyo Mitsubishi UF and Minsheng Bank.
Po razkritju je več zainteresiranih strani nasprotovalo mnenju, da je kitajska vlada „zaupala“ ali „ukazovala“ kitajskim zasebnim bankam.
For the following financial institutions, in the absence of cooperation and in the absence of sufficient publicly available information the Commission could not ascertain whether they were State owned or privately owned: Zhejiang Jinhua Chengtai Rural Commerce Bank, Zhejiang Yongkang Rural Commerce Bank and Pufa Bankwere.
Prvič, ena stran je trdila, da kitajski zakon o bankah kljub členu 34, navedenem v uvodni izjavi 198, bankam ne predpisuje usklajevanja s cilji industrijske politike kitajske vlade.
Following a conservative approach, the Commission analysed the latter in the same manner as privately owned financial institutions and they are referred hereafter as ‘privately owned financial institutions’.
Trdila je, da je člen 34 splošna izjava brez praktičnih posledic ter da ima državna industrijska politika samo usmerjevalno vlogo, ne pa odločilne.
The Commission analysed whether these privately owned financial institutions had been entrusted or directed by the GOC to grant subsidies to the electrical bicycles sector within the meaning of Article 3(1)(a)(iv) of the basic Regulation.
Sklicevala se je tudi na člen 41 kitajskega zakona o bankah, da bi podkrepila svojo trditev, da kitajska vlada ne more prisiliti zasebnih bank k nekemu ukrepanju.
According to the WTO Appellate Body Report ‘United States – Countervailing duty investigation on Dynamic Random Access Memory (DRAMS) from Korea’; ‘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.
Poleg tega je zavrnila, da so bile „posojilne obrestne mere zasebnih finančnih institucij v večini primerov podobne in so se delno prekrivale z obrestnimi merami, ki so jih zagotavljale finančne institucije v javni lasti“, kot je navedeno v uvodni izjavi 221 kot veljaven kazalnik zaupanja ali ukazovanja.
In both cases, the government uses a private body as a 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’.
Skratka, trdila je, da razpoložljivi dokazi niso zadostni, da bi dokazali zaupanje ali ukazovanje.
At the same time, Article 3(1)(a)(iv) of the basic Regulation does not allow Members to impose countervailing measures to products ‘whenever the government is merely exercising its general regulatory powers’ 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’.
Drugič, ta stran je trdila, da pooblastilo komisije bančnih regulatorjev Kitajske za odobritev imenovanja vodstvenih delavcev in administrativnega ukrepanja, ki je pojasnjeno v uvodni izjavi 200, ne vodi v izrecno ali pritrdilno dejanje pooblastitve ali ukazovanja.
Rather, entrustment and direction implies ‘a more active role of the government than mere acts of encouragement’.
Tretjič, ista stran je trdila, da zgolj dejstvo, da zasebne stranke ne ravnajo komercialno utemeljeno, ne zadošča za ugotavljanje zaupanja ali ukazovanja.
The normative framework concerning the electric bicycle industry mentioned above in recitals (195) to (202) applies to all financial institutions in the PRC, including privately owned financial institutions.
Četrtič, več zainteresiranih strani je trdilo, da Komisija ni izvedla ocene za vsako finančno institucijo posebej ter da zaupanja ali ukazovanja ni mogoče dokazati brez izvedbe preverjanja v zadevnih finančnih institucijah.
To illustrate this, the Bank Law and the various orders of the CBRC cover all Chinese-funded and foreign-invested banks under the management of the CBRC.
Nazadnje, ena stran je trdila, da je Komisija pomešala pojma „zaupanje“ in „ukazovanje“.
Furthermore, the investigation showed that the majority of the loan contracts of the sampled exporting producers had similar conditions, and that the lending rates provided by the private financial institutions were similar in most of the cases and partly overlapped with the rates provided by the publicly owned financial institutions.
Kar zadeva prvo, drugo in tretjo trditev, želi Komisija opozoriti, da finančne institucije in kitajska vlada niso sodelovale, zato niso bili predloženi dokazi ali nasprotne informacije, ki bi nasprotovali sklepom iz uvodnih izjav 175 do 222 zgoraj.
In the absence of any divergent information received from the private financial institutions, the Commission therefore concluded that, in so far as the electric bicycle 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 electric bicycle industry.
Pravzaprav je treba kitajski zakon o bankah proučiti glede na vse razpoložljive dokaze, ki kažejo, da so navedene izjave več kot zgolj spodbude.
After disclosure several interested parties contested the view that the Chinese private banks are ‘entrusted’ or ‘directed’ by the GOC.
Kar zadeva četrto trditev, zaradi nesodelovanja prav tako ni bilo mogoče posamezno oceniti nobene od finančnih institucij.
First, one party claimed that despite the Article 34 of the Chinese Bank Law referred to in recital (198), the law does not oblige banks to align with the GOC's industrial policy objectives.
Poleg tega javno dostopne informacije kitajskih bank nasprotujejo trditvi, da ni dokaza o zaupanju ali ukazovanju in da kitajska vlada zasebnih bank ne more prisiliti h kakršnemu koli ukrepanju.
They claimed that the Article 34 is a general statement without practical implications, and that state industrial policies merely play a guiding and not a decisive role.
Pravzaprav kitajska vlada navedenim zasebnim bankam ukazuje, da z zagotavljanjem preferenčnih posojil dosegajo javnopolitične cilje podpiranja nekaterih spodbujanih sektorjev.
The same party also referred to Article 41 of the Chinese Bank Law to support their argument that the GOC cannot force private banks to any specific course of action.
Ker Komisija ni prejela informacij o nasprotnem, kakor je poudarjeno v uvodni izjavi 221 zgoraj, je ugotovila, da so zasebne banke uporabljale podobne pogoje in obrestne mere kot javne banke.
Furthermore, they rejected that ‘lending rates provided by the private financial institutions were similar in most of the cases and partly overlapped with the rates provided by the publicly owned financial institutions’ as set out in recital (221) as a valid indicator for entrustment or direction.
To pomeni, da so zasebne banke sledile posojilni politiki vlade, določeni v zakonu o bankah in številnih odlokih komisije bančnih regulatorjev Kitajske.
In sum, the party claimed that the evidence available is insufficient to show entrustment or direction.
Nazadnje, trditev, da je Komisija pomešala pojma zaupanje in ukazovanje, ni bila utemeljena ali podrobneje pojasnjena.
Second, this party claimed that the CBRC's approval authority over the appointment of managers and administrative actions explained in the recital (200) does not result in an explicit or affirmative action of delegation or command.
Vendar je Komisija opozorila, da se standard „zaupanje“ in standard „ukazovanje“ ne izključujeta, saj vlada v obeh primerih zasebni organ uporablja kot posrednika za izvršitev finančnega prispevka.
Third, the same party claimed that the mere fact that private parties act in a not commercially reasonable manner is not enough to establish entrustment or direction.
Zato je bilo treba te trditve zavrniti.
Fourth, several interested parties argued that the Commission had not conducted an individual assessment per financial institution and that any entrustment or direction cannot be demonstrated without conducting a verification at the financial institutions concerned.
Specifičnost
Finally one party claimed that the Commission had mixed up the notions of ‘entrustment’ and ‘direction’.
Kot je ponazorjeno v uvodnih izjavah 195 do 202, več regulativnih dokumentov, posebej namenjenih družbam v sektorju električnih koles, usmerja finančne institucije, naj industriji električnih koles zagotavljajo posojila po preferenčnih obrestnih merah.
As regards the first, second and third claim the Commission would like to recall that there was no cooperation from the financial institutions or the GOC and consequently no evidence or divergent information had been provided that contradicted the conclusions reached in recitals (175) to (222) above.
Na podlagi teh dokumentov je dokazano, da finančne institucije zagotavljajo preferenčna posojila le omejenemu številu panog/družb, ki delujejo v skladu z ustreznimi politikami kitajske vlade.
In fact, the Chinese Banking Law has to be examined in view of the totality of the evidence available, which indicates that those statements are more than mere acts of encouragement.
Komisija je zato sklenila, da subvencije v obliki preferenčnih posojil niso splošno dostopne, ampak so specifične v smislu člena 4(2)(a) osnovne uredbe.
Also as regards the fourth claim, due to the non cooperation, none of the financial institutions could be individually assessed.
Poleg tega ni nobena od zainteresiranih strani predložila dokazov o tem, da preferenčna posojila temeljijo na objektivnih merilih ali pogojih v smislu člena 4(2)(b) osnovne uredbe.
Moreover, the publicly available information from the Chinese banks contradicts the claim that there is no proof of entrustment or direction and that the GOC cannot force private banks for any course of action.
Po razkritju je več zainteresiranih strani trdilo, da preferenčna posojila niso specifična za industrijo električnih koles in se zato proti njim ne bi smeli uvesti izravnalni ukrepi.
Indeed, those private banks are directed by the GOC to achieve the public policy objectives of supporting certain encouraged sectors by providing preferential lending.
Trdile so, da bi morala Komisija specifičnost dokazati na podlagi trdnih dokazov.
Moreover, in the absence of information to the contrary, as pointed out in recital (221) above, the Commission established that private banks applied similar conditions and interest rates as those of the public banks.
Ena od teh strani je dalje trdila, da 13. petletni načrt poleg industrije električnih koles dejansko navaja več drugih industrij in da ne določa ali usmerja subvencij, temveč samo spodbuja razvoj navedenih industrij.
This is an indication that private banks followed the government lending policy enshrined in the the Bank Law and the various orders of the CBRC.
Trdila je tudi, da ni mogoče sklepati, da so banke prisiljene dajati posojila po preferenčnih obrestnih merah.
Finally, the claim that the Commission had mixed up the notions of entrustment and direction was not substantiated or explained in any futher details.
Komisija želi opozoriti, da se, prvič, kot je navedeno v uvodni izjavi 220, normativni okvir v zvezi z industrijo električnih koles uporablja za vse finančne institucije v LRK in med drugim določa, da poslovne banke svojo posojilno dejavnost izvajajo v skladu s potrebami nacionalnega gospodarskega in družbenega razvoja ter smernicami industrijske politike države.
The Commission however noted that the ‘entrustment’ and ‘direction’ standards are not mutually exlusive, since in both cases, the government uses a private body as a proxy to effectuate a financial contribution.
Drugič, kot je navedeno v uvodnih izjavah 96 do 139, posebne vladne politike za podporo industriji električnih koles ne določajo samo določbe 13. petletnega načrta, ampak tudi več drugih vladnih načrtov.
Therefore these claims had to be rejected.
Zaradi nesodelovanja kitajske vlade in finančnih institucij so to bile tudi edine razpoložljive informacije, na podlagi katerih je lahko Komisija sprejela sklepe v skladu s členom 28 osnovne uredbe.
Specificity
Poleg tega nobena od zainteresiranih strani ni predložila dokazov, da bi te trditve podprla.
As demonstrated in recitals (195) to (202), several regulatory documents which are specifically targeted at companies in the electric bicycle sector, direct the financial institutions to provide loans at preferential rates to the electric bicycle industry.
Nazadnje, Komisija je ugotovila, da 13. petletnega načrta pri proučitvi v njegovem pravem kontekstu ni mogoče šteti za zgolj spodbudo, njegovi cilji javne podpore pa niso omejeni na večino industrij na Kitajskem, temveč izrecno na nekatere industrije.
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.
Zato so bile trditve zavrnjene.
The Commission therefore concluded that subsidies in the form of preferential lending are not generally available but are specific within the meaning of Article 4(2)(a) of the basic Regulation.
Ugodnost in izračun zneska subvencije
Moreover there was no evidence submitted by any of the interested parties suggesting that the preferential lending is based on objective criteria or conditions in the sense of Article 4(2)(b) of the basic Regulation.
Komisija je pri izračunu zneska subvencije, proti kateri se lahko uvedejo izravnalni ukrepi, ocenila ugodnost za prejemnike v obdobju preiskave.
After disclosure several interested parties claimed that the preferential lending is not specific to the electric bicycle industry and it should not be considered as countervailable.
V skladu s členom 6(b) osnovne uredbe je ugodnost za prejemnike razlika med zneskom obresti, ki ga družba plača za preferenčno posojilo, in zneskom, ki bi ga družba plačala za primerljivo komercialno posojilo, ki bi ga dobila na prostem trgu.
They argued that the Commission should have demonstrated the specificity on the basis of positive evidence.
Komisija je v zvezi s tem ugotovila, da so na kitajskem trgu električnih koles številne specifičnosti.
One of these parties further claimed that the 13th Five-Year plan mentions in fact a wide range of industries other than electric bicycles and that it does not set out or direct any subsidies but it only encourages the development of the industries mentioned therein.
Kot je pojasnjeno v oddelkih 3.5.1 do 3.5.3, posojila, ki jih zagotavljajo kitajske finančne institucije, kažejo znatno poseganje vlade in ne izražajo obrestnih mer, ki bi bile običajne na delujočem trgu.
This party also claimed that it cannot be concluded that the banks are compelled to grant loans at preferential rates.
Vzorčene skupine proizvajalcev izvoznikov se razlikujejo glede na svoj splošni finančni položaj.
The Commission would like to recall that first, as stated in recital (220), the normative framework concerning the electric bicycle industry applies to all financial institutions in the PRC and provides, among others, that Commercial banks shall conduct their business of lending in accordance with the needs of the national economic and social development and under the guidance of the industrial policies of the State.
Vsaka od njih je bila v obdobju preiskave deležna različnih vrst posojil, pri čemer razlike vključujejo zapadlost, zavarovanje, jamstva in druge povezane pogoje.
Second, as laid down in recitals (96) to (139) the provisions of not only the 13th Five-Year plan but also of several other government plans lay down specific government policies in order to support the electric bicycle industry.
Iz navedenih dveh razlogov je imel vsak proizvajalec izvoznik drugačno povprečno obrestno mero na podlagi sklopa posojil, ki jih je prejel.
Further, due to the absence of cooperation the GOC and any of the financial institutions this was the only information available on which basis the Commission could draw its conclusions in accordance with Article 28 of the basic Regulation.
Komisija je ocenila finančni položaj vsake vzorčene skupine proizvajalcev izvoznikov posebej, da bi upoštevala te posebnosti.
In addition, none of the interested parties provided any evidence in order to support these claims.
V zvezi s tem je Komisija uporabila metodologijo izračuna za preferenčna posojila, uvedeno v protisubvencijski preiskavi o vroče valjanih ploščatih izdelkih iz jekla s poreklom iz LRK, ki je pojasnjena v uvodnih izjavah v nadaljevanju.
Finally, the Commission noted that the 13th Five-Year Plan, when examined in its proper context, cannot be deemded as a mere act of encouragement, and also its public support objectives are not limited to most industries in China, but specifically to certain industries.
Na podlagi tega je za vsako vzorčeno skupino proizvajalcev izvoznikov posebej izračunala ugodnost, ki jo je ta prejela zaradi preferenčnih posojil, in tako ugodnost dodelila zadevnemu izdelku.
Therefore the claims were rejected.
Bonitetne ocene
Benefit and calculation of the subsidy amount
Komisija je v protisubvencijski preiskavi o vroče valjanih ploščatih izdelkih iz jekla s poreklom iz LRK na podlagi študije, ki jo je objavil Mednarodni denarni sklad (v nadaljnjem besedilu: MDS) in ki je pokazala neskladje med mednarodnimi in kitajskimi bonitetnimi ocenami, kar so potrdile ugotovitve te preiskave v zvezi z vzorčenimi proizvajalci izvozniki, že ugotovila, da domače bonitetne ocene, dodeljene kitajskim družbam, niso zanesljive.
For the calculation of the amount of the countervailable subsidy the Commission assessed the benefit conferred on the recipients during the investigation period.
Dejansko so po navedbah MDS lokalne bonitetne agencije več kot 90 % kitajskih obveznic ocenile z oceno od AA do AAA.
According to Article 6(b) of the basic Regulation, the benefit conferred on the recipients is the difference between the amount of interests that the company pays on the preferential loan and the amount that the company would pay for a comparable commercial loan obtainable on the free market.
To ni primerljivo z drugimi trgi, kot so Unija ali ZDA.
In this regard, the Commission noted a number of specificities on the Chinese electric bicycle market.
Na primer, na trgu ZDA ima tako visoko oceno manj kot 2 % družb.
As explained in sections 3.5.1 to 3.5.3 above, the loans provided by Chinese financial institutions reflect substantial government intervention and do not reflect rates that would normally be found in a functioning market.
Kitajske bonitetne agencije se torej močno nagibajo k dodeljevanju najvišjih ocen na bonitetni lestvici.
The sampled groups of exporting producers differ in terms of their general financial situation.
Imajo bonitetne lestvice z zelo širokim razponom in običajno obveznice z zelo različnimi tveganji zaradi neplačila obveznosti združijo v eno obsežno bonitetno kategorijo .
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.
Poleg tega tuje bonitetne agencije, kot sta Standard and Poor's in Moody's, pri ocenjevanju kitajskih obveznic, izdanih v tujini, običajno zvišajo izhodiščno bonitetno oceno izdajatelja na podlagi ocene strateškega pomena družbe za kitajsko vlado in trdnosti morebitnega implicitnega jamstva.
For those two reasons, each exporting producer had a different average interest rate based on its own set of loans received.
Mednarodna bonitetna agencija Fitch na primer jasno navaja, da so, kadar je to ustrezno, taka jamstva ključni dejavnik, na katerem temeljijo njihove bonitetne ocene kitajskih družb.
The Commission assessed individually the financial situation of each sampled group of exporting producers in order to reflect these particularities.
Komisija je med preiskavo pridobila dodatne informacije, s katerimi je dopolnila to analizo.
In this respect, the Commission followed the calculation methodology for preferential lending established in the anti-subsidy investigation on hot rolled flat steel products originating in the PRC and explained in the recitals below.
Prvič, Komisija je ugotovila, da lahko država izvaja vpliv na trg bonitetnega ocenjevanja, saj so bonitetne agencije vsaj delno v državni lasti.
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.
Glede na dve študiji, objavljeni leta 2016, je bilo tako na kitajskem trgu dejavnih približno 12 bonitetnih agencij, od katerih je bila večina v državni lasti.
Credit ratings
Skupaj so 60 % vseh ocenjenih podjetniških obveznic na Kitajskem ocenile bonitetne agencije v državni lasti.
In the anti-subsidy investigation on hot rolled flat steel products originating in the PRC, the Commission already determined that domestic credit ratings awarded to Chinese companies were not reliable, based on a study published by the International Monetary Fund (‘IMF’), showing a discrepancy between international and Chinese credit ratings, which is confirmed with the findings of this investigation concerning the sampled exporting producers.
Kitajska vlada je potrdila, da je bilo med OP na kitajskem trgu obveznic dejavnih 12 bonitetnih agencij, med katerimi je bilo 10 domačih bonitetnih agencij.
Indeed, according to the IMF, over 90 % of Chinese bonds are rated AA to AAA by local rating agencies.
Poleg tega sta bili še 2 bonitetni agenciji, ki sta bili skupni podjetji s kitajskimi in drugimi tujimi vlagatelji.
For example, less than 2 % of firms enjoy such top-notch ratings in the US market.
V bistvu gre za zaprt trg, saj mora bonitetne agencije pred začetkom delovanja odobriti kitajska nadzorna komisija za vrednostne papirje ali Ljudska banka Kitajske.