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Home Gold News Hong Kong to Drive Growth with Gold Trading and Global Ties: John Lee

Hong Kong to Drive Growth with Gold Trading and Global Ties: John Lee

by anna

Hong Kong plans to leverage its existing strengths and explore new opportunities to boost economic growth, according to Chief Executive John Lee Ka-chiu. Speaking at the Asian Financial Forum on Monday, Lee outlined the city’s strategy to develop an international gold trading center and enhance global financial ties to attract more capital.

Lee emphasized that Hong Kong would maintain its position as the global hub for offshore yuan business and settlement, along with financing and asset management. He highlighted that as of October, deposits in yuan in Hong Kong had reached 1.1 trillion yuan (approximately US$150 billion).

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“Amid global geopolitical changes, Hong Kong offers a stable environment for investors, providing secure gold storage and various wealth management services,” Lee said. “The central role of finance and business will be pivotal to Hong Kong’s next phase of growth, creating significant opportunities not only for the city but also for China, the wider Asian region, and the global market.”

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At the same forum, Pan Gongsheng, Governor of the People’s Bank of China, announced new measures aimed at supporting Hong Kong’s status as an international financial hub. These included increasing the proportion of foreign exchange reserves allocated to assets in Hong Kong.

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The forum, hosted by the Trade Development Council, attracted around 3,600 business leaders, policymakers, and experts from over 50 countries and regions to explore strategies for global economic growth.

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Lee noted that Hong Kong’s robust support from central authorities, combined with its global connectivity and strategic location, positions the city as “the world’s foremost superconnector and value creator.”

He outlined three key areas for Hong Kong’s future growth, starting with the development of the city into an international gold trading hub. “We plan to build world-class gold storage facilities, along with support services such as insurance, testing, certification, and logistics. Our ultimate goal is to establish a comprehensive gold trading center with a full industry chain,” Lee said, referencing his proposal from his third policy address last October.

Additionally, Hong Kong aims to strengthen its competitiveness as a global asset and wealth management center. Lee pointed to recent changes to the city’s New Capital Investment Entrant Scheme, which now only requires applicants to prove they have at least HK$30 million in assets or equity for the past six months, down from the previous two-year requirement. This will also include assets jointly held with family members.

As of October, deposits in yuan in Hong Kong had reached 1.1 trillion yuan, supporting 80% of the world’s offshore yuan payments. “The industry forecasts that Hong Kong will become the world’s largest cross-border wealth management center by 2028,” Lee added.

The final aspect of Hong Kong’s growth strategy focuses on expanding its international network, particularly in regions involved in China’s Belt and Road Initiative. Lee stressed the importance of strengthening financial cooperation with the Middle East, ASEAN countries, and other established and emerging markets.

The Belt and Road Initiative aims to connect economies across Asia, Europe, Africa, and South America into a China-centered trade network.

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