Regarding the extension of most-favored-nation treatment to the products of the People's Republic of China, and for other purposes.

Prohibits the President from recommending for a 12-month period in 1992 continuation of a waiver of human rights and emigration requirements for nondiscriminatory treatment (most-favored-nation treatment) for China under the Trade Act of 1974 unless a specified report is submitted to the Congress stating that China has accounted for and released prisoners who dissented in Tiananmen Square on June 3, 1989, and made progress in: (1) reversing gross violations of human rights; (2) terminating religious persecution in China and Tibet; (3) removing restrictions on freedom of the press and on broadcasts by the Voice of America; (4) terminating harassment of Chinese citizens in the United States, including the refusal to return or renew passports as retribution for prodemocracy activities; (5) ensuring access of international human rights monitoring groups to prisoners; (6) ensuring freedom from torture and inhumane prison conditions; (7) terminating prohibitions on peaceful demonstrations; (8) prohibiting forced labor in the production of exports; and (9) taking other action to promote improvement in the observance of internationally recognized human rights.

Requires the President, in deciding whether to recommend such extension, to take into account: (1) the economic and political effects that such extension, or its absence, may have on Hong Kong; and (2) the extent to which China has moderated its position on the accession of Taiwan to the General Agreement on Tariffs and Trade. Requires the President, if he recommends such extension, to include in a specified document to be submitted to the Congress a report on China's progress in implementing the above-mentioned measures.