[Congressional Record Volume 171, Number 124 (Monday, July 21, 2025)]
[Senate]
[Pages S4506-S4507]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
By Mr. BARRASSO (for himself, Mr. Grassley, Mrs. Blackburn, Mr.
Budd, Ms. Ernst, Mr. Scott of Florida, Ms. Lummis, Mr. Lee, Mr.
Ricketts, Mr. Hawley, Mr. Cruz, Mr. Tillis, Mr. Marshall, and
Mrs. Fischer):
S. 2362. A bill to oppose the provision of assistance to the People's
Republic of China by the multilateral development banks; to the
Committee on Foreign Relations.
Mr. BARRASSO. Mr. President, I ask unanimous consent that the text of
the bill be printed in the Record.
There being no objection, the text of the bill was ordered to be
printed in the Record, as follows:
S. 2362
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Ending Lending to China Act
of 2025''.
SEC. 2. 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 April 2025, the foreign exchange reserves of the
People's Republic of China totaled more than
$3,281,000,000,000.
(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 2025, the graduation
discussion income is a gross national income per capita
exceeding $7,895.
(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
[[Page S4507]]
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 fiscal year 2016, the International Bank for
Reconstruction and Development has approved project loans
totaling $12,938,000,000 to the People's Republic of China.
(12) In 2024, the Asian Development Bank approved loans and
technical assistance to the People's Republic of China
totaling more than $901,000,000. The Bank also approved non-
sovereign commitments in the People's Republic of China
totaling more than $483,000,000.
(13) The World Bank calculates the People's Republic of
China's 2024 gross national income per capita as $13,660.
(b) Statement of Policy.--It is the policy of the United
States to oppose any additional lending from the multilateral
development banks, including the International Bank for
Reconstruction and Development and the Asian Development
Bank, to the People's Republic of China as a result of the
People's Republic of China's successful graduation from the
eligibility requirements for assistance from those banks.
(c) Opposition to Lending to People's Republic of China.--
The Secretary of the Treasury shall instruct the United
States Executive Director at each multilateral development
bank to use the voice, vote, and influence of the United
States--
(1) to oppose any loan or extension of financial or
technical assistance by the bank to the People's Republic of
China; and
(2) to end lending and assistance to countries that exceed
the graduation discussion income of the bank.
(d) Report Required.--Not later than one year after the
date of the enactment of this Act, and annually thereafter,
the Secretary of the Treasury shall submit to the appropriate
congressional committees a report that includes--
(1) an assessment of the status of borrowing by the
People's Republic of China from each multilateral development
bank;
(2) a description of voting power, shares, and
representation by the People's Republic of China at each such
bank;
(3) a list of countries that have exceeded the graduation
discussion income at each such bank;
(4) a list of countries that have graduated from
eligibility for assistance from each such bank; and
(5) a full description of the efforts taken by the United
States to graduate countries from such eligibility once they
exceed the graduation discussion income at each such bank.
(e) Definitions.--In this section:
(1) Appropriate congressional committees.--The term
``appropriate congressional committees'' means--
(A) the Committee on Foreign Relations of the Senate; and
(B) the Committee on Financial Services and the Committee
on Foreign Affairs of the House of Representatives.
(2) Multilateral development banks.--The term
``multilateral development banks'' has the meaning given that
term in section 1701(c) of the International Financial
Institutions Act (22 U.S.C. 262r(c)).
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