This bill requires the Department of State to take actions to stop China from being classified as a developing country by international organizations. (Generally, international organizations provide developing countries certain rights and beneficial treatment. For example, the World Trade Organization provides developing countries with so-called special and differential treatment, which includes measures that aim to increase trading opportunities for those countries.) Under this bill, the State Department must advocate for international organizations to (1) change China's status from developing country to upper middle income country, high income country, or developed country; (2) develop a mechanism to change China's status to developed country if no mechanism currently exists; or (3) ensure that China does not receive preferential treatment or assistance as a result of having developing country status. The President may waive this requirement if doing so is in the national interest of the United States.