ANNOUNCEMENT 01 Jan 2013

In 2013, the government subsidies received by Chinese listed company CIMC changed significantly.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

CIMC financial disclosure statements found in the WIND database (www.wind.com.cn). Last accessed on 25 June 2019.

Inception date: 01 Jan 2013 | Removal date: 31 Dec 2013

Financial grant

In 2013, the Shezhen-listed company CIMC disclosed in its stock exchange filings the receipt of approximately 251 million USD of government subsidies. This represented a significant increase in the government subsidies obtained in the prior year (211 million USD).

In China it is a legal requirement that publicly-listed firms report any subsidies received from government bodies. The stated subsidy amounts refer to a given calendar year. It is possible that this firm received other forms of state aid that have not been declared.

The affected products and sectors have been chosen based on the "main products" and CSRC sector classification reported in the financial data of the firm. The subsidy amounts in USD were computed using the year-average exchange rate to the Chinese Yuan. The subsidy amount(s) reported here are the cash equivalents as estimated by the recipient firm.

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects the extent of discrimination against foreign commercial interests. On this metric, the state aid proposed here is discriminatory.

AFFECTED SECTORS

 
421 422 429

AFFECTED PRODUCTS

 
730890 730900 731010 732090 732392 732393 732399 732620 732690 741999 761010 761090 761100 761290 761699 820320 820820 821210 830170 830210 830242 830250 830300 830990
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