Memorandum on Renewal of Trade Agreement With the People's Republic of China

Presidentail Determination No. 92-12

Memorandum for the United States Trade Representative

Pursuant to my authority under subsection 405(b)(1) of the Trade Act of 1974 (19 U.S.C. 2435(b)(1)), I have determined that actual or foreseeable reductions in United States tariffs and nontariff barriers to trade resulting from multilateral negotiations are satisfactorily reciprocated by the People's Republic of China. I have further found that a satisfactory balance of concessions in trade and services has been maintained during the life of the Agreement on Trade Relations between the United States of America and the People's Republic of China.

You are authorized and directed to publish this memorandum in the Federal Register.

GEORGE BUSH

THE WHITE HOUSE,

Washington, January 31, 1992.