October 25, 2007 -- Zhejiang Jushi Group has made an investment of 6 billion yuan in a new glass fiber material production base in Qingbaijiang Area, reported the Sichuan Daily. This is in addition to two separate investments of 2 billion yuan that the group has already made on the project. The first production line of the expansion for direct-melt fiber glass with an annual output of 60,000 tons started on the October 21. This additional investment is expected to not only develop this production base as the largest industrial project in the city but also give it a significant role in promoting this new industrial material in the Qingbaijiang Area of Chengdu.

The Sichuan Daily reports that In March 2004, Zhejiang Jushi invested 0.9 billion yuan in the first production line in Qingbaijiang Area, which was at that time the largest fiberglass enterprise in Asia and the third largest in the world. The additional investment is estimated to be completed and put into use by 2010.

The company is expected to have a production capacity of nearly 700,000 tons and realize an annual profit of 1 billion yuan. Annual tax is expected to reach 0.5 billion yuan. The investment covers not only the production base of fiber glass with an output of 500,000 million tons, but also the cost of technological research and development. With this additional investment, Qingbaijiang is expected to become the science and research center of Chengdu and a global hub for fiberglass production, reported the Sichuan Daily.