Hong Kong's Financial Secretary Paul Chan Mo-po said in a recent media interview that the SAR government is determined to build the Northern Metropolis into a major engine for Hong Kong's future development.
One key strategy is to reserve land for the storage and logistics of gold, bulk commodities, and rare metals.
This move aims to consolidate Hong Kong's position as an international financial center, particularly as a hub for precious metals and commodity trading.
Chan revealed that the government will actively study ways to encourage other central banks and gold investors to store gold in Hong Kong, in order to enhance the city's influence in the global gold market.
He also noted that authorities have been reviewing plans to reserve land for the industry to develop industrial metal warehouses recognized by the London Metal Exchange (LME), and are actively helping relevant enterprises identify suitable sites to meet international high-standard storage requirements.
Speaking about the overall development of the Northern Metropolis, Chan reiterated that the government's determination to push forward with the project is unwavering. According to the first five-year plan, the Northern Metropolis aims to produce 900 hectares of spade-ready land in the next five years.
He stressed that the government will actively encourage private market forces and resources to participate, in order to improve development efficiency, ensure that housing and land supply are ready on time, and roll them out in a timely manner based on market conditions.
On land resumption compensation, Chan described the government's current policy as relatively "generous," and said he is pleased to see a high degree of consensus among residents in the northern districts and various sectors of society on the development of the Northern Metropolis. As a result, he is cautiously optimistic about future progress in land resumption.
Chan also emphasized that the country has consistently supported the building of Hong Kong as an international financial center. He pointed out that based on the actual needs of market development 鈥?for example, when there is a need to increase renminbi liquidity in the offshore market 鈥?he believes that the People's Bank of China and other relevant institutions will be happy to provide support. This demonstrates the central government's continued support for the development of Hong Kong's financial market.
This will help deepen Hong Kong's role as a global hub for offshore renminbi business.
Comments