110 STAT. 3009 -167 PUBLIC LAW 104-208—SEPT. 30, 1996 and Order Restoration Council (SLORC) and democratic opposition groups within Burma. (d) PRESIDENTIAL REPORTS. —Every six months following the enactment of this Act, the President shall report to the Chairmen of the Committee on Foreign Relations, the Committee on International Relations and the House and Senate Appropriations Committees on the following: (1) progress toward democratization in Burma; (2) progress on improving the quality of life of the Burmese people, including progress on market reforms, living standards, labor standards, use of forced labor in the tourism industry, and environmental quality; and (3) progress made in developing the strategy referred to in subsection (c). (e) WAIVER AUTHORITY. —The President shall have the authority to waive, temporarily or permanently, any sanction referred to in subsection (a) or subsection (b) if he determines and certifies to Congress that the application of such sanction would be contrary to the national security interests of the United States. (f) DEFINITIONS. — (1) The term "international financial institutions" shall include the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency, the Asian Development Bank, and the International Monetary Fund. (2) The term "new investment" shall mean any of the following activities if such an activity is undertaken pursuant to an agreement, or pursuant to the exercise of rights under such an agreement, that is entered into with the Government of Burma or a nongovernmental entity in Burma, on or after the date of the certification under subsection (b): (A) the entry into a contract that includes the economical development of resources located in Burma, or the entry into a contract providing for the general supervision and guarantee of another person's performance of such a contract; (B) the purchase of a share of ownership, including an equity interest, in that development; (C) the entry into a contract providing for the participation in royalties, earnings, or profits in that development, without regard to the form of the participation: Provided, That the term "new investment" does not include the entry into, performance of, or financing of a contract to sell or purchase goods, services, or technology. REPORT REGARDING HONG KONG 22 USC 5731 SEC. 571. In light of the deficiencies in reports submitted to note. the Congress pursuant to section 301 of the United States-Hong Kong Pohcy Act (22 U.S.C. 5731), the Congress directs that the additional report required to be submitted during 1997 under such section include detailed information on the status of, and other developments affecting, implementation of the Sino-British Joint Declaration on the Question of Hong King, including— (1) the Basic Law and its consistency with the Joint Declaration;
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