Young Oak Kim: “I thank Congressman Chris Smith for yielding me the time. I rise in strong support of H.R. 1107, the PRC Is Not a…”

“I thank Congressman Chris Smith for yielding me the time. I rise in strong support of H.R. 1107, the PRC Is Not a Developing Country Act. This is a bipartisan bill I introduced with my colleague Gerry Connolly to address the People's Republic of China's exploitation of its status as a developing country in treaties and in international organizations. The People's Republic of China is the world's second largest economy, accounting for 18.6 percent of the global economy. Their economy size is second only to the United States. The United States is treated as a developed country, and so should the PRC. The United States is also treated as a high-income country in treaties and international organizations, so China should also be treated as a developed country. However, the PRC is still classified as a developing country, and they are using this status to game the system and hurt countries that are truly in need. The PRC exploits their developing country status by applying for development assistance and loans from international organizations, despite spending trillions on infrastructure projects in developing countries as part of the debt trap diplomacy scheme known as the Belt and Road Initiative. In fact, PRC's withdrawal of loans takes away from actual developing countries and helps the PRC finance its Belt and Road program. We are long overdue to level the playing field.…”