China Most Favored Nation Trade Status bill

United States - China Act of 1992 - Prohibits the President from recommending for a 12-month period in 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 a specified report is submitted to the Congress stating that China has: (1) taken steps to adhere to the Universal Declaration of Human Rights in China and Tibet and allowed the unrestricted emigration of Chinese citizens who desire to leave for reasons of political or religious persecution; (2) accounted for and released prisoners who dissented in Tiananmen Square on June 3, 1989; and (3) prevented the export to the United States of products manufactured by convict or forced labor. Requires such report to state whether China has made significant progress in: (1) ceasing 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 providing them access to Chinese markets, including lowering tariffs, removing nontariff barriers, and increasing the purchase of U.S. goods and services; and (3) adhering to the Missile Control Technology Regime, the Nuclear Suppliers Group controls and the Australian Group on Chemical and Biological Arms controls.

Requires the President, if he recommends such extension, to include in a specified document submitted to the Congress a report on China's compliance with the above-mentioned objectives.

Grants nondiscriminatory treatment to products produced by nonstate-owned enterprises in China.

Requires the President, if he decides not to seek such extension, to ensure that members of the General Agreement on Tariffs and Trade take similar action with respect to China.