Shanghai gold market heats up during National Day holiday

Shanghai's gold market has embraced a surge in sales as local gold retailers are experiencing a higher foot traffic boosted by the ongoing National Day holiday season running from October 1 to 7.

At a gold retail store in the city's classic tourist attraction Yu Garden, customers began arriving as soon as the store opened at 10:00 to browse jewelry. The store's sign indicates that the price of pure gold is 773 yuan (110 U.S. dollars) per gram.

The customer traffic has significantly increased in the "Golden Week" holiday -- also a peak wedding season nationwide. 

"I'm preparing for my wedding, so I will take a look at gold earrings, rings and necklaces. I will not give up buying just because it's expensive," said a customer. 

"I've bought a bracelet hoping it could bring me luck. The gold price is relatively high, so the store discounts are one factor that prompts us to make purchases indeed," said another customer. 

"During the National Day holiday season, the customer flow basically remains at 800 to 1,000 people per day, an increase of about four times over usual times. We are now offering a retail gold price discount of 40 yuan (5.68 U.S. dollars) per gram," said Zhou Mingyuan, deputy manager of the gold store. 

At another gold retail outlet, many customers were inquiring about or purchasing gold jewelry and investment bars. 

The store has introduced several lightweight, design-focused pieces for the holiday, which have attracted considerable attention.

"Personally, I prefer jewelry with a strong sense of design, and then those with a strong Chinese element. I think the gold price is a little bit high, but it is still acceptable. If the style is okay, I will buy it," said a customer. 

"During the National Day holiday, our store sees quite a large passenger flow, about five or six times more than usual. Over half of them are young people, and what the customers prefer are products with small gram weight," said Gao Wanying, head of another gold store. 

This National Day "gold rush" reflects both the traditional Chinese preference for gold as a store of value and gift, as well as the recovering consumer confidence in the country's economy. 

Shanghai gold market heats up during National Day holiday

China's first large-scale production line for civil aviation tires is now operational in south China's Guangxi Zhuang Autonomous Region, with an expected annual output of 100,000 high-performance tires.

On Thursday, an Airbus A320 landed smoothly in Guangxi's Guilin City, marking the first successful test flight of a civil aviation aircraft fitted with domestically produced aviation radial tires.

The aviation tire was developed by Lanyu Aircraft Tire Development Company, a subsidiary of Sinochem Holdings.

Currently, this new digital civil aviation tire production line can produce tires for six different aircraft models and 12 specifications. Previously, the tires produced by the production line had already been compatible with aircraft models such as the C909, B737, and A320.

At present, 98 percent of the aircraft tires used in China's civil aviation are imported. The operation of the new production line marks a significant step, as China has now gained the capacity to domestically produce tires for its aircraft models. "There are more than a thousand tire companies in the world, but only a dozen can produce aviation tires. The completion of this production line represents a key breakthrough in China's aviation tire manufacturing, marking the shift from zero to one. The line's capacity can meet around 40 percent of the current domestic demand," said Lu Hengyu, a principal of the Lanyu Aircraft Tire Development Company.

In addition to serving domestic customers, the company also plans to expand into overseas markets, with the goal of achieving large-scale commercial use of its tires by both domestic and international airlines.

China's first large-scale civil aviation tire production line begins operation