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TOP SECRET :Deferred action on paragraph 5- pending further consideration by the Secretary of State, in consultation with the Secretary of Defense, and report at the meeting of the Council to be held January 5, 1955. (NSC Action No. 1292-)


 * Deferred action on paragraph 7-, other than the "Majority Proposal" in 7- (2), pending further consideration by the Secretary of State, in consultation with the Secretary of Commerce, and report at the meeting of the Council to be held January 5, 1955. (NSC Action No. 1292-)


 * Requested the Council on Foreign Economic Policy to undertake the study outlined in the "majority proposal" in paragraph 7--(2) of NSC 5429/4. (NSC Action No. 1292-)

The President has this date approved the statement of policy in NSC 5429/4, as amended and adopted by the Council (except paragraphs 5- and 7-) and, enclosed herewith as NSC 5429/5; directs its implementation by all appropriate executive departments and agencies of the U.S. Government, subject to review in the light of final decisions as to basic national security policy; and designates the Operations Coordinating Board as the coordinating agency.

Accordingly, the enclosed policy supersedes NSC 5429/2; NSC Action No. 1148-; NSC Action No. 1224- and NSC Action No. l234~; NSC Action No. l258- and NSC Action No. 1259-; Memo for NSC from Executive Secretary, subject, "U.S. Objectives and Courses of Action with Respect to Formosa and the Chinese Nationalist Government", dated September 28, 1954. The enclosed statement of policy is to guide the implementation of all other existing Far Eastern policies (reference B-L) modifying them where inconsistent, pending Planning Board and Council review and revision of these more particular policies.

A Financial Appendix covering the Far East will be prepared for the information of the· Council at a later meeting.

JAMES S. LAY, Jr. Executive Secretary

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