•HRES 1179 IH 
Whereas the People’s Republic of China subsequently de-
faulted on the bonds; 
Whereas the United States Foreign Claims Settlement Com-
mission determined that the bonds constitute an unpaid 
general obligation of the Government of the People’s Re-
public of China; 
Whereas under the successor government doctrine of settled 
international law (establishing the continuity of obliga-
tions among successor governments), the repayment obli-
gation for the bonds is the obligation of the Government 
of the People’s Republic of China; 
Whereas the Government of the People’s Republic of China 
has been duly notified by representatives of the affiliated 
United States creditors of the demand for repayment of 
the bonds; 
Whereas the Government of the People’s Republic of China 
continues to refuse to repay the bonds held by United 
States citizens and has officially repudiated the debts; a 
clear violation of United States law, international law, 
rules and regulations of the World Bank and the Inter-
national Monetary Fund, and the United Nations Char-
ter; 
Whereas the Government of the People’s Republic of China 
honored repayment of the bonds held by British citizens 
while rejecting the claims of United States citizens; 
Whereas the Government of the People’s Republic of China, 
its state-owned enterprises, and other entities controlled 
by the People’s Republic of China continue to enjoy open 
and unfettered access to the United States capital mar-
kets, while the Government of the People’s Republic of 
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•HRES 1179 IH 
China continues to reject the lawful claims of United 
States citizens; 
Whereas the sales of securities in the United States capital 
markets issued by Chinese entities, including the Govern-
ment of the People’s Republic of China and its state- 
owned enterprises, fail to disclose both the existence of 
the defaulted debt of the Government of the People’s Re-
public of China and the continued evasion of repayment 
of the bonds, the discriminatory treatment of United 
States citizens, and the People’s Republic of China’s re-
pudiation of official debt; 
Whereas the wrongful actions of the Government of the Peo-
ple’s Republic of China are improperly concealed by the 
continuing publication of artificial ‘‘investment grade’’ 
sovereign credit rating classifications assigned to the Chi-
nese Government by the 3 primary Nationally Recognized 
Statistical Rating Organizations (NRSROs) and this con-
cealment fails to conform to the published definitions of 
those Organizations; 
Whereas the continued publication of artificial ‘‘investment 
grade’’ sovereign credit rating classifications assigned to 
the Government of the People’s Republic of China pro-
vides an incentive to the Chinese Government to avoid a 
negotiated settlement with United States citizens regard-
ing China’s default on its sovereign debt obligations; 
Whereas the lack of transparency concerning the selective de-
fault of the Government of the People’s Republic of 
China poses a material risk to the investing public and 
threatens the integrity of the United States capital mar-
kets; and 
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•HRES 1179 IH 
Whereas to provide relief to United States bondholders, re-
store transparency, uphold the rule of law, and affirm the 
validity of public debt contracts: Now, therefore, be it 
Resolved, That it is the sense of the House of Rep-
resentatives that the People’s Republic of China and its 
government-owned and controlled enterprises should be re-
quired to properly disclose material information con-
cerning the selective default status of these bonds in all 
prospectuses and filings with the Securities and Exchange 
Commission. 
Æ 
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