China Shuangji Cement, located in China's Shandong and Hainan Provinces, said that a vibrant domestic economy is expected to have a meaningful impact on its business going forward as the economy maintains its momentum
China Shuangji Cement, located in China's Shandong and Hainan Provinces, said 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 in September 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, 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 said.
"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. "Many of the government initiatives to expand and upgrade the country's physical infrastructure, especially highways, railways and subway systems, all require cement." 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."