Pricing and Demand for Company's Products Should Benefit as Domestic Economy Remains Strong
ZHAOYUAN CITY, China, Sept. 20 /PRNewswire-Asia/ -- China Shuangji Cement, Ltd. (OTC Bulletin Board: CSGJ) ("China Shuangji" or the "Company"), a leading producer of high-quality Portland cement in Shandong and Hainan Provinces in the People's Republic of China (PRC), announced that a vibrant domestic economy is expected to have a meaningful impact on its business going forward as the economy maintains its momentum.
Data released by the National Bureau of Statistics (NBS) on September 11, 2010 showed that economic momentum is still strong. The agency said industrial production accelerated 13.9% year-over-year in August, stronger than the 13.4% rate in the previous month. Economists had expected more modest growth of 13%. Fixed-asset investment was up 24.8% in the first eight months of 2010, reaching $2.1 trillion. Property market investment and investment in railways grew 36.7% and 21.7%, respectively. According to the People's Bank of China's 2010 Financial Stability Report released on Friday, vigor and confidence in the domestic economy has strengthened. "Local authorities have been enthusiastic about speeding up development and expanding investment, and investment momentum has been quite strong. At the same time, drivers of economic growth from urbanization to upgrading of the consumption structure are expected to strengthen," the report stated.
"We expect a vibrant domestic economy coupled with government stimulus, and the rapid development of China's infrastructure will continue to boost construction spending and keep demand for cement high," said Mr. Wenji Song, Chairman and President of China Shuangji Cement, Ltd. "Many of the government initiatives to expand and upgrade the country's physical infrastructure, especially highways, railways and subway systems, all require cement." Mr. Song added, "The strong markets for cement that we operate in enjoy a healthy pricing environment that we expect to remain intact as demand for our products increases."
About China Shuangji Cement, Ltd.
China Shuangji Cement, Ltd. (OTC Bulletin Board: CSGJ), through its affiliates and controlled entities, is a leading producer of high-quality Portland cement in Shandong and Hainan Provinces. Its processed cement products are primarily purchased by contractors for the construction of buildings, roads, and other infrastructure projects. The Company currently produces approximately 1,500,000 tons of Portland cement annually from two facilities in Hainan and one facility in Shandong and it expects its output will increase by 1,000,000 tons to a total of 2,500,000 tons once the new Zhaoyuan (Shandong Province) plant and upgrades are completed. For more information about China Shuangji, please visit its corporate website at http://www.shuangjicement.com.
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Source: China Shuangji Cement, Ltd.
