natgillin/translations-raw huggingface dataset:
Administrative Measures for the Issuance and Trading of Corporate Bonds, Order of the China Securities Regulatory Commission No 113, 15 January 2015;
V praksi na obrestne mere na obveznice podobno kot pri posojilih vpliva bonitetna ocena.
Measures of the Administration of Debt Financing Instruments of Non-financial Enterprises on the Inter-bank Bond Market Issued by the People's Bank of China, Order of the People's Bank of China [2008] No 12, 9 April 2008;
Kot je opisano v uvodnih izjavah od 237 do 242, pa je lokalni trg bonitetnega ocenjevanja izkrivljen, bonitetne ocene pa niso zanesljive.
Regulations on the Administration of Corporate Bonds, issued by the State Council on 18 January 2011.
To je bilo ponazorjeno z dejstvom, da se prospekti o obveznicah in poročila o bonitetnih ocenah za obveznice, ki so jih izdale vzorčene družbe, niso ujemali z dejanskim stanjem družb.
In line with the regulatory framework, bonds cannot be issued or traded freely in China.
V enem primeru je finančna analiza izdaje obveznice temeljila na zelo visokih prihodkih od prodaje in 12-odstotnem dobičku, čeprav so računovodski izkazi družbe kazali, da je dejansko poslovala z izgubo.
The issuance of each bond must be approved by various governmental authorities, such as the PBOC, the NDRC or the CSRC, depending on the type of bond and the type of issuer.
V drugem primeru je bilo pri podrobnem pregledu obveznic opozorjeno, da se obseg obveznosti družbe povečuje, da „je breme dolgov, ki ga nosi izdajatelj, veliko ter da je razmerje med sredstvi in obveznostmi večje od povprečja v industriji […] Na splošno je kratkoročna plačilna sposobnost izdajatelja razmeroma majhna, zato obstaja določen pritisk na kratkoročno plačilno sposobnost […].
In addition, according to the Regulations on the Administration of Corporate Bonds, there are annual quotas for the issuance of corporate bonds.
Družba se večinoma zanaša na neoperativni prihodek kot vir dobička.
Furthermore, according to Article 16 of the Securities Law, the public issuance of bonds should satisfy the following requirements: ‘the investment of raised funds shall comply with the industrial policies of the State […]’ and ‘the funds as raised […] shall be used for the purpose as verified’.
To predstavlja veliko negotovosti za njeno dobičkonosnost.“ Vendar se poročilo nato zaključi z dodelitvijo bonitetne ocene AAA za ponudbo obveznic.
Article 12 of the Regulations on the Administration of Corporate Bonds reiterates that the purpose of the raised funds must be in compliance with the industrial policies of the State.
Nazadnje je Komisija ugotovila, da bi morale biti v normalnih tržnih razmerah obrestne mere na obveznice v povprečju višje od obrestnih mer na posojila, ker se štejejo za podrejeni dolg.
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.
Vendar so bile v primeru vzorčenih družb obrestne mere na posojila enake obrestnim meram na obveznice ali višje od njih.
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.
Komisija je ob upoštevanju navedenih premislekov ugotovila, da so kitajske finančne institucije, ki organizirajo izdajanje obveznic za vzorčene družbe, javni organi v smislu člena 3 in člena 2(b) osnovne uredbe.
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’.
Poleg tega je bila dvema vzorčenima proizvajalcema izvoznikoma zagotovljena ugodnost, saj so bile obveznice izdane po obrestnih merah, nižjih od tržnih obrestnih mer, ki so ustrezale njunemu dejanskemu profilu tveganja.
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 menila, da je preferenčno financiranje z obveznicami specifično v smislu člena 4(2)(a) osnovne uredbe, saj obveznic ni mogoče izdajati brez odobritve vladnih organov, zakon o vrednostnih papirjih LRK pa določa, da mora biti izdajanje obveznic skladno z industrijskimi politikami države.
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.
V skladu s temi politikami so visokozmogljive radialne pnevmatike (vključno s pnevmatikami brez zračnic za tovornjake) opredeljene kot spodbujana kategorija izdelkov.
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.
Metodologija izračunavanja
In practice, interest rates on bonds are influenced by the credit rating, similar to loans.
Ker so obveznice v bistvu le še ena oblika dolžniškega instrumenta, podobnega posojilom, in ker metodologija izračunavanja za posojila že temelji na košarici obveznic, se je Komisija odločila, da bo za posojila uporabila metodologijo izračunavanja, kot je opisana v oddelku 3.4.4.
However, as described above in recitals (237) to (242), the local credit rating market is distorted and credit ratings are unreliable.
To pomeni, da se za referenčne obrestne mere, ki jih objavi Ljudska banka Kitajske, uporabi relativni razmik med podjetniškimi obveznicami z bonitetno oceno AA v ZDA in podjetniškimi obveznicami z bonitetno oceno BB v ZDA z enakim trajanjem, ki se nato primerja z dejansko obrestno mero, ki jo plača družba, da bi se določila ugodnost.
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.
Znesek subvencije, določen v zvezi s preferenčnimi obveznicami v obdobju preiskave za vzorčene skupine družb, je:
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.
Preferenčno financiranje: obveznice
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.’
Preferenčno financiranje in zavarovanje: izvozni krediti za kupce
Nevertheless, the report then concluded by providing a AAA credit rating to the bond offering.
Banke v državni lasti na Kitajskem so po navedbah pritožnika kupcem zagotavljale izvozne kredite, tujim družbam, kot so uvozniki, pa ugodna posojila, da bi spodbujale izvoz kitajskih izdelkov, tehnologije in storitev, kot so pnevmatike.
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.
Komisija je med preiskavo ugotovila, da nobeden od povezanih ali nepovezanih uvoznikov v svojih računovodskih izkazih ni imel neodplačanih posojil kitajskih finančnih institucij.
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.
Komisija je zato sklenila, da se ta program v obdobju preiskave ni uporabljal za vzorčene družbe.
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.
Preferenčno financiranje in zavarovanje: podpora za tuje naložbe
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.
Ob koncu leta 2015 je družba CNRC pridobila 65-odstotni delež v skupini Pirelli Group.
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.
Takrat je bila ta skupina ocenjena na 7,1 milijarde EUR.
According to these policies, high-performance radial tires (including tubeless truck tires) are specified as an encouraged category of products.
To pridobitev je spremljalo več podpornih ukrepov kitajske vlade.
Calculation methodology
Po razkritju informativnega dokumenta in dokončnem razkritju so kitajska vlada, družba Pirelli in družba CNRC trdile, da Komisija ni mogla preiskati te sheme, ker ni bila zajeta v pritožbi ali obvestilu o začetku.
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.
Kitajska vlada je po dokončnem razkritju ponovila to trditev in trdila, da Komisija pred začetkom ni zagotovila možnosti za posvetovanje v skladu s členom 10(7) osnovne uredbe, s čimer je LRK preprečila, da bi predlagala skupno dogovorjeno stališče.
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.
Poleg tega je kitajska vlada trdila, da se lahko izravnalni ukrepi proti novim shemam uvedejo le, če imajo pravno podlago v pravu EU.
The subsidy amount established with regard to preferential bonds during the investigation period for the sampled groups of companies amounts to:
Vendar je bila taka pravna podlaga uvedena šele po začetku veljavnosti drugega odstavka novega člena 10(7) osnovne uredbe decembra 2017, ki se za ta postopek ni uporabljal.
Preferential financing: bonds
Družba CNRC je menila, da je bilo treba v obvestilu o začetku vsak program navesti posebej.
Preferential financing and insurance: export buyer credits
Ker se je Komisija sklicevala le na „nepovratna sredstva“ in ne na „kapitalsko naložbo“, naložba sklada SRF ni bila zajeta v postopku.
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.
Komisija se s tem ni strinjala.
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.
Obvestilo o začetku se je nanašalo na „(1) neposredni prenos sredstev in potencialni neposredni prenos sredstev ali obveznosti“.
The Commission therefore concluded that this programme was not applicable to the sampled companies during the investigation period.
V členu 3(1)(a)(i) osnovne protisubvencijske uredbe in členu 1.1(a)(1)(i) Sporazuma o subvencijah in izravnalnih ukrepih je izraz „neposredni prenos sredstev“ pojasnjen s primeri v oklepajih.
Preferential financing and insurance: support for foreign investment
Navedeni so „na primer nepovratna sredstva, posojila, infuzija lastniškega kapitala“.
At the end of 2015, CNRC acquired a 65 % stake in the Pirelli Group.
Tako je bila naložba sklada SRF kot kapitalska naložba zajeta v obvestilu o začetku pod naslovom „neposredni prenos sredstev“.
This Group had been valued at 7,1 billion EUR at the time.
Poleg tega, kot je pojasnjeno v uvodnih izjavah od 334 do 340, se sklad SRF za namen te preiskave ni štel za ločen, samostojen program.
This acquisition was accompanied by several support measures from the GOC.
Naložba sklada SRF je pomenila dodatno posredovanje v svežnju petih finančnih posredovanj kitajske vlade v okviru prevzema družbe Pirelli.
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.
Poleg še ene kapitalske naložbe družbe CINDA so bili ostali deli svežnja nepovratna sredstva, posojilo in poplačilo obresti, za katere družba CNRC sprejema, da so bili ustrezno predmet preiskave.
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.
Po analizi naložbe sklada SRF Komisija tako v preiskavo ni vključila ločenega programa, temveč je proučila vse ustrezne dele enega kompleksnega finančnega ukrepa kot dela programa za spodbujanje zunanje trgovine v tem okviru.
In addition, the GOC claimed that new schemes can be countervailed only if there was a legal basis in EU law.
Poleg tega, tudi če je obstajal dvom glede obsega zajete subvencije v postopku, je Komisija med preiskavo popolnoma pregledno ovrgla take dvome.
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.
Med preveritvenim obiskom pri kitajski vladi je bilo v medsebojnem soglasju izpostavljeno vprašanje tržne narave naložb sklada Silk Road Fund (v nadaljnjem besedilu: SRF), pri čemer je kitajska vlada zagotovila tudi koristne informacije o naravi sklada SRF.
The CNRC took the view that each program had to be individually mentioned in the notice of initiation.
V zvezi s tem je Komisijo presenetila tudi navedba družbe CNRC po dokončnem razkritju, da je kitajska vlada med preveritvenim obiskom Komisije dala samo ustni odgovor in da Komisija ni iskala novih informacij o tržni naravi sklada SRF.
As the Commission had only referred to ‘grants’ or ‘loans’ and not to ‘equity investment’ the SRF investment was not covered by the proceedings.
Ravno nasprotno, Komisija je kitajski vladi poslala dopis iz člena 28 v zvezi s tem, od kitajske vlade pa je prejela nekatere dokumente o naložbi sklada SRF, s čimer je ponovno poudarjeno, da je bil ta vidik financiranja kitajske vlade ustrezno del postopka.
The Commission disagreed.
Trditev, da je bila naložba sklada SRF zunaj obsega preiskave, je bila zato zavrnjena.
The Notice of Initiation referred to the ‘(1) direct transfer of funds and potential direct transfer of funds or liabilities’.
Pravna podlaga
Both under Article 3(1)(a)(i) of the basic AS Regulation and Article 1.1 (a)(1)(i) of the SCM Agreement the term ‘direct transfer for funds’ is explained by bracketed examples.
petletni načrt za razvoj zunanje trgovine, ki ga je izdalo Ministrstvo za trgovino Ljudske republike Kitajske (v nadaljnjem besedilu: ministrstvo za trgovino) 26. decembra 2016;
They enumerate ‘for example, grants, loans, equity infusion’.
petletni načrt za petrokemično industrijo;
As an equity investment, the SRF investment was hence covered by the Notice of Initiation under the heading ‘direct transfer of funds’.
usmerjevalna mnenja državnega sveta o spodbujanju mednarodne proizvodne zmogljivosti in sodelovanja na področju proizvodnje opreme, izdana leta 2015 (v nadaljnjem besedilu: usmerjevalna mnenja);
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.
obvestilo o dodelitvi subvencioniranih sredstev za ključne projekte v okviru posebnih skladov za razvoj zunanje trgovine in gospodarstva za leto 2015, C.H.
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.
št. 653 in spis skupine Chemchina Group (2016) št. 144;
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.
obvestilo ministrstva za finance o sprostitvi centralnega administrativnega proračuna za investicijska sredstva v državni lasti leta 2016, CZ (2016), str. 18.
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.
Ugotovitve preiskave
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.
Komisija je ugotovila, da je kitajska vlada posredovala na več načinov, da bi družba CNRC lažje pridobila 65-odstotni delež skupine Pirelli Group.
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.
Prvič, družba CNRC je od komisije SASAC prejela nepovratna sredstva v višini 500 milijonov RMB (približno 66 milijonov EUR) za „spodbujanje sodelovanja na področju svetovne proizvodne zmogljivosti v okviru pobude ‚En pas, ena cesta‘“ v skladu z obvestilom ministrstva za finance o sprostitvi centralnega operativnega proračuna za investicijske odhodke v državni lasti leta 2016, CZ (2016), št. 18.
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.
Drugič, družba CNRC je prejela 800 milijonov EUR preferenčnega posojila od Kitajske razvojne banke, Kitajske izvozno-uvozne banke in Konstrukcijske banke Kitajske.
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.
V posojilni pogodbi je kot namen posojila naveden prevzem družbe Pirelli.
The claim that the SRF investment was outside the scope of the investigation was therefore rejected.
Tretjič, družba CNRC je prejela vračilo obresti v višini 17 milijonov RBM, plačanih na posojilo iz zgornje uvodne izjave.
Legal basis
To vračilo je dodelilo ministrstvo za finance „za pridobitev pravic družbe Pirelli do obveznic“ v okviru „ključnih projektov posebnih skladov za leto 2015 za razvoj zunanje trgovine“ v skladu z obvestilom o dodeljevanju subvencioniranih sredstev za ključne projekte v okviru posebnih skladov za razvoj zunanje trgovine in gospodarstva za leto 2015, C.H.
13th Five Year Plan for the Development of Foreign Trade, issued by the Ministry of Commerce (‘MOFCOM’), 26 December 2016;
št. 653 in spis skupine Chemchina Group (2016) št. 144.
13th Five Year Petrochemical Plan;
Četrtič, kitajska vlada je sodelovala pri pridobivanju deleža v skupini Pirelli Group z zagotovitvijo kapitalske udeležbe v vrednosti 533 milijonov EUR prek sklada SRF, tj. vladnega investicijskega sklada, ki je del pobude „En pas, ena cesta“.
Guiding Opinions of the State Council on the Promotion of International Production Capacity and Equipment Manufacturing Cooperation, issued in 2015 (‘Guiding Opinions’);
V naložbenem sporazumu so obravnavane praktične podrobnosti transakcije, niso pa navedeni osnovni pogoji.
Notice on Appropriating Subsidized Funds of Key Projects of 2015 Special Funds for the Development of Foreign Trade and Economy, C.H.
Komisiji niso bili predloženi nobeni drugi dokumenti med skladom SRF in družbo CNRC v zvezi s tem specifičnim postopkom.
No 653 and Chemchina File [2016] No 144;
Kitajska vlada je po pridobitvi sodelovala pri prestrukturiranju v skupini China National Tire Group z zagotovitvijo kapitalske udeležbe v višini 266 milijonov EUR prek družbe China Cinda Asset Management Company Ltd. (v nadaljnjem besedilu: Cinda) v družbi, ki ima v lasti segment industrije pnevmatik skupine Pirelli Group.
Notice of the Ministry of Finance on Release of Central State-Owned Capital Operating Budget in 2016, CZ [2016], No 18.
Vseh pet posredovanj je imelo skupni cilj, da se družbi CNRC omogoči prevzem družbe Pirelli.
Findings of the investigation
Skupaj so bila imenovana „ukrepi“.
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.
Javni organi
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.
Nekaj podpore s strani kitajske vlade je bilo tako zagotovljene neposredno (npr. prek nepovratnih sredstev), nekaj pa posredno prek subjektov v državni lasti.
Second, CNRC received a 800 million EUR preferential loan from a bank consortium including China Development Bank (‘CDB’), EXIM and China Construction Bank (‘CCB’).
Kar zadeva preferenčno posojilo iz zgornje uvodne izjave, je Komisija že v oddelku 3.4.1 ugotovila, da Kitajska razvojna banka, Kitajska izvozno-uvozna banka in Konstrukcijska banka Kitajske pri zagotavljanju posojil vzorčenim družbam delujejo kot javni organi v smislu člena 3 in člena 2(b) osnovne uredbe.
The loan agreement mentions as purpose of the loan the acquisition of Pirelli.
V zvezi s skladom SRF in družbo Cinda je Komisija ugotovila, da sta oba subjekta v celoti v lasti kitajske vlade ter da njuna struktura upravljanja kaže, da država pomembno vpliva nanju.
Third, CNRC received a 17 million RMB refund of the interest paid on the loan mentioned in the recital above.
Sklad SRF je glede na informacije na svojem spletišču subjekt v državni lasti, ki ga je ustanovila in ga podpira država, namenjen pa je zagotavljanju naložb in finančne podpore za trgovinsko in gospodarsko sodelovanje ter povezljivost v okviru pobude „En pas, ena cesta“.
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.
Družba je v 100-odstotni lasti države, in sicer prek državne uprave za devizna sredstva, Kitajske investicijske korporacije, Kitajske izvozno-uvozne banke in Kitajske razvojne banke.
No 653 and Chemchina File [2016] No 144.
Ima upravni odbor in nadzorni odbor, ki sta sestavljena iz predstavnikov različnih ministrstev.
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’.
Leta 2017 sta bila glavna delničarja družbe ministrstvo za finance (64,45 %) in nacionalni svet za sklad socialne varnosti LRK (7,06 %).
The investment agreement deals with the practical details of the transaction, but is silent about the underlying conditions.
Upravni odbor in nadzorni odbor družbe sestavljajo različni predstavniki vladnih organov in velikih finančnih institucij v državni lasti.