China Most Favored Nation Trade Status bill

United States - China Act of 1992 - Declares the sense of the Congress with respect to the actions of the People's Republic of China (China) in the areas of human rights, weapons proliferation, and unfair trade practices. Urges the President to: (1) direct the United States Trade Representative (USTR) to investigate and take appropriate action with respect to China's continuing unfair and discriminatory trade practices which unreasonably restrict U.S. commerce; and (2) encourage members of the Missile Technology Control Regime and other appropriate countries to develop a common policy on China's transfer of missile technology to other countries. Declares that current sanctions against China should be continued and strictly enforced. Urges the President to direct the Secretary of Commerce to consult with and encourage American business leaders with significant trade or investments in China to adopt a human rights code of conduct covering specified points.

Prohibits the President from recommending for a 12-month period beginning July 3, 1993, 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 he reports to the Congress that China: (1) has taken appropriate actions to begin adhering to the Universal Declaration of Human Rights in China and Tibet, and is all allowing unrestricted emigration of Chinese citizens for political, religious, family, or other valid reasons; (2) has accounted for and released prisoners who dissented in Tiananmen Square and in other parts of China on June 3, 1989; and (3) has taken action to prevent exports of products made by prison labor, and agreed to allow U.S. Customs officials to inspect places suspected of producing such goods for export. Requires also that China has made progress in: (1) terminating religious persecution in China and Tibet and releasing religious leaders incarcerated as a result of the expression of their religious beliefs; (2) ceasing unfair trade practices against U.S. businesses and giving them fair access to Chinese markets; and (3) adhering to the Missile Technology Control Regime and the controls adopted by the Nuclear Suppliers Group and the Australian Group on Chemical and Biological Arms.

Cites circumstances in which, notwithstanding the absence of a waiver of human rights and emigration requirements, nondiscriminatory treatment shall apply to any goods from China produced or manufactured by a business, corporation, partnership, qualified joint venture, or other person that is not a state-owned enterprise.

Provides for passage of a joint resolution disapproving any presidential recommendation of a waiver of human rights and emigration requirements.

Requires the Secretary of the Treasury to determine and list state-owned enterprises in China. Allows any person to request the Secretary to review any enterprise for inclusion on or exclusion from the list.

Requires the President, if he decides not to seek continuation of the waiver in 1993, to undertake efforts to ensure that members of the General Agreement on Tariffs and Trade (GATT) take similar action with respect to China.