Recently, China-Japan joint venture Weihai Gaosheng Refurbished Tyre Co., Ltd. held a grand opening ceremony in Shandong Weihai Industrial New District. This is another Japanese-funded company following Bridgestone to enter the Chinese retreaded tire market. Weihai Gaochun Refurbished Tyre Co., Ltd. was established by the tripartite Japan Chamber of Commerce, Weihai Chengjiao Station Development Co., Ltd. and Weihai Xinmingqi Imp. & Exp. Co., Ltd., with a total investment of 20 million yuan, mainly engaged in the renovation and sale of old radial tires. The company plans to produce 90,000 retreaded tires each year. It is estimated that the annual sales revenue will reach 98 million yuan. According to Mr. Gao Yuwei, Chairman of the Gaochun Chamber of Commerce, Weihai Gaochun Company is the first retreaded tire demonstration plant constructed by the Gaochun Chamber of Commerce in China. The future Gaochun Chamber of Commerce will also build a retread factory in other cities in China.