ANNOUNCEMENT 01 Jan 2017

In 2017, the government subsidies received by Chinese listed company PICC changed significantly.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

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

Inception date: 01 Jan 2017 | Removal date: 31 Dec 2017

Financial grant

In 2017, the Shangai-listed company PICC disclosed in its stock exchange filings the receipt of approximately 302 million USD of government subsidies. This represented a significant increase in the government subsidies obtained in the prior year (214 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

 
713

AFFECTED PRODUCTS

 
N/A