PROGRAM ON CHINA AND TRANSFORMATIONAL EXPORTS.

SEC. 402. PROGRAM ON CHINA AND TRANSFORMATIONAL EXPORTS. (a) In General.—Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635) is amended by adding at the end the following: “(l) Program on China and Transformational Exports.— “(1) In general.—The Bank shall establish a Program on China and Transformational Exports to support the extension of loans, guarantees, and insurance, at rates and on terms and other conditions, to the extent practicable, that are fully competitive with rates, terms, and other conditions established by the People’s Republic of China or by a covered country, that aim to— “(A) directly neutralize export subsidies for competing goods and services financed by official export credit, tied aid, or blended financing provided by the People’s Republic of China or by a covered country; or “(B) advance the comparative leadership of the United States with respect to the People’s Republic of China, or support United States innovation, employment, and technological standards, through direct exports in any of the following areas: “(i) Artificial intelligence. “(ii) Biotechnology. “(iii) Biomedical sciences. “(iv) Wireless communications equipment (including 5G or subsequent wireless technologies). “(v) Quantum computing. “(vi) Renewable energy, energy efficiency, and energy storage. “(vii) Semiconductor and semiconductor machinery manufacturing. “(viii) Emerging financial technologies, including technologies that facilitate— “(I) financial inclusion through increased access to capital and financial services; “(II) data security and privacy; “(III) payments, the transfer of funds, and associated messaging services; and “(IV) efforts to combat money laundering and the financing of terrorism. “(ix) Water treatment and sanitation, including technologies and infrastructure to reduce contaminants and improve water quality. “(x) High performance computing. “(xi) Associated services necessary for use of any of the foregoing exports. “(2) Covered countries.—In this subsection, the term ‘covered country’ means any country that— “(A) the Secretary of the Treasury designates as a covered country in a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Development of the Senate; “(B) is not a participant in the Arrangement on Officially Supported Export Credits of the Organization for Economic Cooperation and Development (in this subsection referred to as the ‘Arrangement’); and “(C) is not in substantial compliance with the financial terms and conditions of the Arrangement. “(3) Financing.— “(A) In general.—It shall be a goal of the Bank to reserve not less than 20 percent of the applicable amount (as defined in section 6(a)(2)) for support made pursuant to the Program on China and Transformational Exports. “(B) Exception.—The Secretary of the Treasury may reduce or eliminate the 20 percent goal in subparagraph (A), on reporting to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that the People’s Republic of China is in substantial compliance with— “(i) the financial terms and conditions of the Arrangement; and “(ii) the rules and principles of the Paris Club. “(C) Sunset and report.—The program established under paragraph (1) shall expire on December 31, 2026. Not later than 4 years after enactment of this subsection, the President of the Bank shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate assessing the following: “(i) The capacity and demand of United States entities to export goods and services in the areas described in paragraph (1)(B), as assessed in consultation with the Secretary of Commerce. “(ii) The availability of private-sector financing for exports in the areas. “(iii) The feasibility and advisability of continuing the goal of subparagraph (A) of this paragraph with respect to paragraph (1)(B) after December 31, 2026. “(D) National advisory council on international monetary and financial problems.—The National Advisory Council on International Monetary and Financial Problems shall ensure that Bank authorizations pursuant to the Program on China and Transformational Exports are considered or reviewed expeditiously, consistent with the other credit standards required by law.” . (b) Required Reporting.—Section 8 of such Act (12 U.S.C. 635g) is amended by adding at the end the following: “(l) Report on Authorizations Under the Pro- Gram on China and Transformational Exports.—The Bank shall include in its annual report to Congress under subsection (a) a narrative and financial summary of the authorizations made under the Program on China and Transformational Exports.” . (c) [12 U.S.C. 635 note] Rule of Construction.—Nothing in section 2(l)(1)(B) of the Export-Import Bank Act of 1945 shall be construed to weaken any export controls affecting critical technologies (as defined in section 721(a)(6)(A) of the Defense Production Act of 1950 (50 U.S.C. 4565(a)(6)(A))).