Mitsubishi Materials Corp and Mitsubishi Corp. said Friday they have set up a joint venture company for cement production in China.  The new company, Qingdao Mitsubishi Cement Co., is capitalized at 2.5 million dollars and is owned 67 pct by Mitsubishi Materials and 33 pct by Mitsubishi.  The new company will run a new cement production plant completed in Qingdao in the eastern Chinese province of Shandong.  The plant, their second cement production facility in China, is designed to meet growing cement demand in China. The Japanese companies have been producing cement in Yantai, Shandong Province, since 1995 for supply to the Chinese and US markets.  The new company expects to sell 150,000 to 200,000 tons of cement in fiscal 2004, and raise output to 400,000 tons in fiscal 2006.