ANNOUNCEMENT 01 Jan 2010

In 2010, the government subsidies received by Chinese listed company PETROCHINA changed significantly.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising

SOURCE

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

Inception date: 01 Jan 2010 | Removal date: 31 Dec 2010

Financial grant

In 2010, the Shangai-listed company PETROCHINA disclosed in its stock exchange filings the receipt of approximately 1452 million USD of government subsidies. This represented a significant decrease in the government subsidies obtained in the prior year (1606 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

 

AFFECTED PRODUCTS