Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
HONG KONG, Sept. 17 (Xinhua) — Hong Kong Special Administrative Region (SAR) Chief Executive Lee Jiachao announced plans to accelerate the development of new growth areas to strengthen Hong Kong's status as an international financial hub, including the establishment of an international gold trading market.
Delivering his fourth policy speech on Wednesday, Li Jiachao said the HKSAR will support the Hong Kong Airport Authority and financial institutions in expanding gold storage capacity in the HKSAR, with a planned gold storage capacity of over 2,000 tonnes within three years, turning Hong Kong into a regional gold reserve hub.
Li Jiachao stressed the need to encourage gold traders to establish or expand refineries in Hong Kong, and to explore, together with the Chinese mainland, the possibility of processing supplied raw materials on the Chinese mainland, refining the gold, and then exporting it to Hong Kong for trade and shipping purposes.
He also announced plans to establish a central clearing system for gold in Hong Kong to provide efficient and reliable clearing services for gold transactions in line with international standards, and to invite the Shanghai Gold Exchange to participate in preparation for mutual market access with the Chinese mainland in the future.
The Hong Kong Special Administrative Region (HKSAR) Chief Executive also outlined plans to offer a wider range of gold investment instruments, assisting issuers in issuing gold funds, and supporting the development of new investment products, such as tokenized gold. He also pledged to support the establishment of a gold industry association to establish an exchange platform with the HKSAR government and regulatory authorities, strengthen promotion and attract clients from countries and regions participating in the Belt and Road Initiative, and enhance personnel training.
Li Jiachao noted that the Shanghai Gold Exchange's international gold investor platform opened its first offshore warehouse in Hong Kong and launched new supply contracts to the SAR, adding that the SAR will continue to promote cooperation between the gold markets of Hong Kong and Shanghai. -0-
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