The Michigan Daily-Friday, October 5, 1979-Page 9
Carter plan
to up miltr
budget,'may
help SALT
WASHINGTON (AP)-The Carter
administration has promised Senate
Democratic leaders it will soon send
Congress a five-year defense plan that
will increase military spending in an ef-
fort to win ratification of the SALT II
treaty with the Soviet Union.
"I believe they can do it by Novem-
ber," said Senate Democratic leader
Robert Byrd. "And I will go further to
say not only that they should, but that
they better do it because I do not an-
Ocipate this treaty being called up prior
tp the presentation of the five year
plan."
SENATE DEMOCRATIC Whip Alan
Cranston (D-Calif.) said he has been
"given assurances" by the Defense
Department that the administration
expects to send the plan to the Senate
door by November.
He said he has talked this week with
Secretary of Defense Harold Brown,
who previously said January would be
the earliest the Pentagon could com-
plete the job.
"If the Department of Defense speeds
preparation of its 1981 defense budget
and its five-year plan, SALT could be
brought to a vote this year with a
reasonable chance of success," Cran
ston said.
*HOWEVER, A Pentagon spokesman
said there was no effort to speed up
Wpreparation of the budget. Thomas
Ross said "we are proceeding as
gormal" in preparing the 1981 budget
and the five-year plan, which is
scheduled to be presented to Congress
in January.
Rush Loving, a spokesman for the Of-
fice of Management and Zudget, said
the budget office still is expecting the
defense figures in January.
A number of senators, led by Sen.
Sam Nunn (D-Ga.)lh'ave said they will
to be able to vote to ratify the nuclear
,rms treaty unless the administration
greatly increases defense spending to
4orrect what they see as military im-
balances and to counter growing
Mhomentum of the Soviet Union in long-
Tange nuclear weapons.
Byrd said he has personally urged the
president, Secretary of State Cyrus
Vance and national security adviser
Zbigniew Brzezinski to speed the five-
year plan to Congress.
Cranston said he believes the Senate
coalition necessary to produce 60 votes
needed for ratification of the treaty can
de built by agreeing on a "reasonable"
defense modernization program
coupled with instructions to US.
negotiators to seek deep weapons cuts
in SALT III.
SUCCINCT
LOS ANGELES (AP)-A local
newspaper's classified ad section
carried the following "employment op-
portunity" item recently: "Postion
requires: Wisdom of Solomon, Patience
of Job, Skill of David. No other ap-
plicants have a prayer."
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Daily Photo by DAVID HARRIS
Skywatchers on the Central Campus were surprised to see a red, white, and blue helicopter ascend next to the Chem-
istry Building about six o'clock yesterday evening, spraying the crowd of curious bystanders with dust. The helicopter
carried a heater-air conditioner to the top of the chemistry building.
U.S. firm invests with China
PEKING (AP) - China took a big
step into the world of international
finance yesterday in hopes of attracting
foreign money and technology, signing
a contract with a U.S. company for $150
million over three years.
The E-S Pacific Corp. of San Bruno,
Calif., and Cleveland, Ohio, signed a
contract for joint ventures, the first of
its kind here, with the China Inter-
national Trust and Investment Corp. -
a government corporation created for
that purpose under a new commercial
law.
CHINA ALSO has signed initial joint-
venture agreements with three other
companies - two American and one
Swiss; said Rong Yiren, chairman of
the government corporation, which was
founded yesterday and held its first
meeting.
Details of the E-S contract were not
revealed, but Rong told a news con-
ference that the company agreed to in-
vest $5 million for three consecutive
years on ventures in China. He said the
three other companies did not want to
be identified but their total.investment
would be about $30 million.
The People's Republic launched its
joint investment program in an effort to
speed up China's modernization.
WORKING WITH capitalist countries
at one time would have been un-
thinkable in a country that denounced
the bourgeoisie and lived by Chairman
Mao's words: "self-reliance." Now,
however, the political winds have
changed, and China is admitting it
needs all the foreign help it can get to
become a modern socialist country.
The new law answers some of the
questions of foreign investors. It
guarantees them the right to take part
of their profits home in hard currency.
Rong said E-S is "entrusting us to in-
vest $50 million annually over three
years. They are chiefly interested in
joint ventures and compensation
trade."
He said the corporation, and invest-
ment company, "has asked us to make
contacts for them in China," but gave
no details.
MORE THAN 100 foreign companies
have inquired or applied for joint ven-
tures in China, Rong said, most from
Britain, France, West Germany, the
United States, Japan, Switzerland, and
the Netherlands.'
C. B. Sung, a native of Shanghai and
president of the U.S. company, said,
"We are very honored to be selected as
the first company to sign such an
agreement. We look forward to a very
constructive and profitable
association."
He said his company specializes in
investment projects in the China
Pacific area and said the new Chinese
corporation "is off to a very good start,
behaving like the very best of American
companies." Sung declined to discuss
details of the agreement.
MANY DETAILS of the commercial
law, like taxation are not clear and
China is drafting supplemental
regulations.
The Chinese corboration is
capitalized by the government at two
million yuan - about $150 million. It
will use this money plus that put up by
foreign firms to fund projects in China
and split the profits with foreign firms.
China is interested in projects that
would greatly reduce its imports, save
foreign currency, and bring equipment
and technology to China, Rong said.
Asked if China would be willing to en-
ter a joint venture with its hostile
neighbor, the Soviet Union, Rong
smiled broadly and said ambiguously:
Standing out
quietly.
Coin Cltd I
1979
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