1. Opposition to provision of assistance to People's Republic of China by multilateral development banks (a) Findings Congress makes the following findings: (1) The People’s Republic of China is the world’s second largest economy and a major global lender. (2) In the third quarter of 2022, the foreign exchange reserves of the People’s Republic of China totaled more than $3,000,000,000,000. (3) The World Bank classifies the People’s Republic of China as a country with an upper-middle-income economy. (4) On February 25, 2021, President Xi Jinping announced complete victory over extreme poverty in the People’s Republic of China. (5) The Government of the People’s Republic of China utilizes state resources to create and promote the Asian Infrastructure Investment Bank, the New Development Bank, and the Belt and Road Initiative. (6) The People’s Republic of China is the world’s largest official creditor. (7) Through a multilateral development bank, countries are eligible to borrow until they can manage long-term development and access to capital markets without financial resources from the bank. (8) The World Bank reviews the graduation of a country from eligibility to borrow from the International Bank for Reconstruction and Development once the country reaches the graduation discussion income, which is equivalent to the gross national income. For fiscal year 2023, the graduation discussion income is a gross national income per capita exceeding $7,455. (9) Many of the other multilateral development banks, such as the Asian Development Bank, use the gross national income per capita benchmark used by the International Bank for Reconstruction and Development to trigger the graduation process. (10) The People’s Republic of China exceeded the graduation discussion income threshold in 2016. (11) Since 2016, the International Bank for Reconstruction and Development has approved projects totaling $9,610,000,000 to the People’s Republic of China. (12) Since 2016, the Asian Development Bank has continued to approve loans and