Speech by FS at LME Asia Metals Seminar 2025 (with photo/video)
Following is the speech by the Financial Secretary, Mr Paul Chan, at the LME Asia Metals Seminar 2025 today (May 21):
Carlson (Chairman of the Hong Kong Exchanges and Clearing Limited (HKEX), Mr Carlson Tong), Bonnie (Chief Executive Officer of the HKEX, Ms Bonnie Chan), John (Chairman of the London Metal Exchange (LME), Mr John Williamson), Matthew (Chief Executive Officer of the LME, Mr Matthew Chamberlain), distinguished guests, ladies and gentlemen,
Good morning.
It is a pleasure to join you all today at the LME Asia Metals Seminar 2025.
First, my heartfelt thanks to HKEX and the LME for bringing this important event once again to Hong Kong. To international guests travelling from afar, a very warm welcome. Your presence today highlights not only the importance of ongoing dialogue in shaping the global metals landscape, but also your recognition of Hong Kong's strategic role as a vital platform for these conversations.
The world of metals
Over the past year, the global market for non-ferrous metals continued to exhibit strong momentum. In 2024, despite varied trends across different metals, the overall trading volumes at LME reached 178 million lots, representing a 20 per cent increase year-on-year. Particularly notable was the impressive growth in new-energy metals such as nickel and cobalt, which reflects their significance in driving industrial transformation and technological advancement worldwide.
China remains a pivotal force in this landscape, both as a leading producer and consumer of non-ferrous metals. In 2024, our country's trade in non-ferrous metals exceeded US$368 billion, a growth of 11 per cent. With strong policy support and sustained investments towards new energy and high-tech industries, the demand for metals is widely expected to accelerate further in the years ahead.
Despite global and regional geo-economic dynamics, Hong Kong is uniquely positioned to harness this growth momentum, and serves as a central platform for the industry's development.
Hong Kong's unparalleled advantages
Under the "one country, two systems" framework, Hong Kong is the only place in the world that enjoys the unique dual advantages of being part of China, while maintaining an internationally most open, transparent, and globally connected economy, operating with best international standards.
We are a free port, with zero import tariffs and unrestricted movement of goods, capital and information. Our customs clearance regime is efficient, connectivity to the Greater Bay Area and the broader Mainland and Asian markets is seamless, and the logistics and maritime network is world-class.
Crucially, our rule of law tradition, rooted in the common law system and underpinned by a judiciary exercising powers independently, provides a trusted and respected platform for conducting trade and resolving disputes.
Complementing this is our ecosystem of top-notch financial and professional services. Hong Kong is home to 70 of the world's top 100 banks, and six of the top 10 global insurance companies. The market capitalisation of our stock market has reached US$5.2 trillion. We offer unparalleled expertise and deep liquidity to support metals trading and investment activities.
The development ahead
Looking ahead, a key driver of the growth of this industry is the global push for sustainability. Despite backlashes in individual countries, green transition continues to be the mainstream worldwide. For example, our country remains firmly committed to sustainability and its goal of carbon neutrality by 2060. According to the International Energy Agency, achieving global net-zero emissions will require annual investments of US$4.5 trillion from 2030 onward. The quest for renewable energy, cleaner production methods and a greener lifestyle by consumers around the world will support the demand for metals necessary for the production of new energy vehicles, solar panels, lithium batteries, and more.
Here in Hong Kong, we are committed to carbon neutrality by 2050 with four key strategies: net-zero electricity generation, green transport, green buildings and waste reduction.
An important dimension of our work is to align our standards with the international ones, including financial reporting. Last year, we launched the Roadmap on Sustainability Disclosure in Hong Kong, which provides a well-defined pathway for large publicly accountable entities to fully adopt the ISSB Standards no later than 2028. As the first step, the HKEX has already introduced enhanced climate-related disclosure requirements, mandating listed companies to comply starting from this year.
We are encouraged by LME's leadership and commitment in this respect too, including your new emission reporting requirements for aluminium brands. We believe these initiatives will help drive a more sustainable metals industry.
Recognising the vast potential in the metals trading space, our Chief Executive outlined in his Policy Address last year the vision to create a commodity trading ecosystem in Hong Kong. This ecosystem will catalyse growth across related sectors, including warehousing and distribution, trading, testing and certification, insurance, financial and maritime services.
An on warehousing, I'm delighted to note that since January, Hong Kong has officially joined the LME's global warehouse network, bringing storage facilities closer than ever to the industrial heartlands and consumption centres on the Chinese Mainland. The progress is impressive: within just a few months, seven warehouses have already been approved, with operations commencing as early as July.
We are also moving forward with policy initiatives to drive this development. For example, as announced in my 2025-26 Budget, we will introduce a 50 per cent profits tax concession for eligible commodity trading activities. We aim to bring the relevant bill to the Legislative Council as soon as possible.
Ladies and gentlemen, in closing, I would like to express my sincere appreciation to LME and HKEX once again for organising this seminar. I wish you all fruitful discussions, and every success in the time ahead. Thank you.
Speech by FS at LME Asia Metals Seminar 2025 Source: HKSAR Government Press Releases
Update on chikungunya fever
The Centre for Health Protection (CHP) of the Department of Health announced that, as of 5pm today (January 11), no new cases of chikungunya fever (CF) had been recorded.
Latest surveillance data
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Hong Kong has recorded a total of 82 confirmed CF cases last year. Among them, 11 were local cases, and the rest were imported cases.
Since the beginning of 2025, and as of December 10, 2025, a total of 502 264 CF cases and 186 CF-related deaths have been reported in over 40 countries/territories. Cases have been reported in the Americas, Africa, Asia, and Europe. Although the northern hemisphere has entered the winter season, temperatures in subtropical and some temperate regions remain elevated due to climate change, creating favourable conditions for mosquito breeding. In addition, CF outbreaks continue to occur in many countries worldwide. The risk of imported cases persists. Members of the public should check the situation of the destinations before travelling abroad, especially when travelling to Southeast Asian countries.
Government's comprehensive follow-up actions
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Given that some local cases of CF have visited the Tsing Yi Nature Trails or the surrounding area in November last year, the trails are currently closed until further notice. Relevant government departments continue to conduct large-scale mosquito control and prevention efforts along the trails, and the CHP appeals to the public not to enter the area in order to reduce the risk of contracting CF and to avoid exposure to chemicals or interfering with the mosquito control operations. Since the confirmation on December 10, 2025, of a case involving a person who had visited the Tsing Yi Nature Trails on November 30, 2025, no further local cases have been recorded to date. The CHP continues to urge individuals who have recently hiked along the Tsing Yi Nature Trails to seek medical attention as soon as possible if they develop relevant symptoms and to call the enquiry hotline (Tel: 2125 2373), which operates from 9am to 6pm.
The Food and Environmental Hygiene Department (FEHD) has been continuously conducting intensive fogging operations to eliminate adult mosquitoes along the Tsing Yi Nature Trails and the surrounding area. At suitable locations, large ultra-low volume foggers have been deployed, and a robot dog is being put on trial to enhance operational effectiveness. The FEHD has also set up new mosquito trapping devices, cleared discarded containers and garbage that could cause stagnant water, and applied larvicide oil or larvicides in areas with stagnant water that cannot be removed immediately. The FEHD has been collaborating with the Kwai Tsing District Office, the Lands Department and the Drainage Services Department to strengthen efforts in eliminating potential mosquito breeding sites along the Tsing Yi Nature Trails. Pamphlets have been distributed to hikers in the area, urging citizens to be vigilant against mosquito infestations and take personal protective measures. The FEHD has also held meetings of the interdepartmental task forces on anti-mosquito work across districts to discuss the latest developments regarding the situation and plan accordingly to co-ordinate relevant departments and stakeholders in strengthening mosquito prevention and control measures in areas under their purview.
Continuously strengthening prevention and control
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The FEHD and relevant departments have comprehensively enhanced the mosquito control operations in Hong Kong since July last year, and this has continued. Among these, the FEHD has conducted vector investigations and targeted mosquito control operations against the imported and local cases. In light of the local case, the FEHD has immediately conducted follow-up actions, including:
carrying out intensive fogging in scrubby areas within a 250-metre radius of the relevant locations to kill adult mosquitoes;
carrying out inspections of the locations, removing stagnant water, applying insecticides and disposing of abandoned water containers every week with a view to preventing mosquito breeding; and
enhancing public education efforts through organising health talks, setting up mobile education stations, and distributing publicity leaflets.
The abovementioned measures will be continued. Furthermore, the Government will further enhance the mosquito control efforts in addition to the existing measures.
Preventive measures to be taken by the public
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Members of the public should use DEET-containing insect repellents or other effective active ingredients properly to prevent mosquito bites, but the following precautions should be taken when using them:
read the label instructions carefully first;
apply right before entering an area with a risk of mosquito bites;
apply on exposed skin and clothing;
use DEET of up to 30 per cent for pregnant women and up to 10 per cent for children (for children who travel to countries or areas where mosquito-borne diseases are endemic or epidemic and where exposure is likely, those aged 2 months or above can use DEET-containing insect repellents with a DEET concentration of up to 30 per cent);
apply sunscreen first, then insect repellent;
reapply only when needed and follow the instructions; and
in addition to DEET, there are other insect repellents available on the market containing different active ingredients, such as IR3535 and picaridin. When using any insect repellent, the public should follow the usage instructions and precautions on the product label.
The FEHD also appeals to members of the public to continue to stay alert and work together to carry out mosquito prevention and control measures early, including inspecting their homes and surroundings to remove potential breeding grounds, changing water in vases and scrubbing their inner surfaces, removing water in saucers under potted plants at least once a week, and properly disposing of containers such as empty cans and lunch boxes. The FEHD also advises members of the public and property management agencies to keep drains free of blockage and level all defective ground surfaces to prevent the accumulation of water. They should also scrub all drains and surface sewers with an alkaline detergent at least once a week to remove any mosquito eggs.
The public should call 1823 in case of mosquito problems, and may visit the following pages for more information: the CF page of theCHPand theTravel Health Service, the latestTravel Health News,tips for using insect repellents, and the CHPFacebook Page,Instagram AccountandYouTube Channel, and also theMosquito Prevention and Control dedicated pageof the FEHD.
Source: AI-found images
