Whereas sovereign debt obligations (in this preamble referred to as bonds ) of the Government of the People’s Republic of China were offered and sold in United States capital markets; Whereas the bonds constitute full faith and credit sovereign obligations of the internationally recognized Government of the People’s Republic of China; Whereas the People’s Republic of China subsequently defaulted on those bonds; Whereas the bonds constitute an unpaid general obligation of the Government of the People’s Republic of China; Whereas under the successor government doctrine of settled international law (relating to establishing the continuity of obligations among successor governments), the repayment obligation for the bonds is the obligation of the Government of the People’s Republic of China; Whereas the Government of the People’s Republic of China continues to refuse to repay the bonds held by United States citizens and has officially repudiated the debts, which is a clear violation of United States law, international law, and the rules and regulations of the World Bank and the International Monetary Fund; Whereas the Government of the People’s Republic of China honored repayment of the exact same bonds held by citizens of the United Kingdom while rejecting the claims of citizens of the United States; Whereas since the normalization of bilateral relations between the United States and the People’s Republic of China in the 1970s, the United States has shown good will to the People’s Republic of China by focusing on an expansion of bilateral trade while deferring discussion of repayment of the People’s Republic of China’s defaulted national debt; Whereas under standard legal principles, the People’s Republic of China’s defaulted sovereign gold debt has been accumulating compound interest for more than 82 years and is estimated to exceed the total amount of the United States national debt to the People’s Republic of China