Shenzhen-Hong Kong Financial Committee Signs MOU to Enhance Gold Trade and Fintech Cooperation

Third meeting of Shenzhen-Hong Kong Financial Co-operation Committee convened today

The Shenzhen-Hong Kong Financial Co-operation Committee convened its third meeting in Hong Kong today (November 7) under the co-chairmanship of the Secretary for Financial Services and the Treasury, Mr Christopher Hui, and the Vice-Mayor of the Shenzhen Municipal People's Government and Director General of the Office of the Financial Affairs Committee of the CPC Shenzhen Municipal Committee, Mr Luo Huanghao. At the meeting, the Financial Services and the Treasury Bureau (FSTB) and the Shenzhen Municipal Financial Regulatory Bureau signed a Memorandum of Understanding (MOU) in relation to co-operation in gold-related aspects.

The Committee discussed the latest developments in the financial markets and financial co-operation initiatives of Shenzhen and Hong Kong. It also explored new suggestions for boosting the further development of a collaborative market.

The FSTB and the Shenzhen Municipal Financial Regulatory Bureau signed an MOU at the meeting. By leveraging complementary strengths, the two places will jointly build a deeply integrated regional gold ecosystem. The MOU provides lawful and regulatory support for Hong Kong gold traders in co-operating with qualified refining enterprises in Shenzhen to carry out processing trade. The co-operation will bring the initiative to accelerate the building of an international gold trading market as announced in "The Chief Executive's 2025 Policy Address" into action.

In addition, the FSTB and the Shenzhen Municipal Financial Regulatory Bureau have reached a consensus on further deepening fintech co-operation and exchange, with a view to fully leveraging the strengths of both cities in fintech and jointly establishing a global fintech centre. The two parties will jointly announce co-operation policies in the fintech sector in the near future.

Mr Hui said that Hong Kong and Shenzhen, both key engines for driving the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), will undoubtedly continue strengthening financial co-operation at this pivotal juncture when the country is concluding its National 14th Five-Year Plan and preparing for the 15th Five-Year Plan with a view to unleashing the immense potential of the GBA, thus jointly making contributions to the country’s development as a financial powerhouse.

Mr Luo said that Shenzhen will comprehensively and accurately implement the "one country, two systems" principle with unwavering commitment, steadfastly uphold the fundamental principle of "one country", and effectively leverage the advantages of the "two systems", with a view to comprehensively deepen Shenzhen-Hong Kong financial co-operation and fully support Hong Kong in consolidating and enhancing its status as an international financial centre. This will also accelerate Shenzhen's development into an industry-focused financial centre with significant global influence, and propel Shenzhen-Hong Kong financial co-operation to higher levels, broader dimensions, and wider fields, thereby contributing fresh and greater efforts towards building a financial empowered country.

Established in June 2024, the Shenzhen-Hong Kong Financial Co-operation Committee brings together official members from the financial regulatory bodies of the Central Authorities, Shenzhen and Hong Kong, as well as industry leaders in both places as non-official members to provide insights on Shenzhen-Hong Kong financial co-operation and the development of the GBA's financial infrastructure.

Third meeting of Shenzhen-Hong Kong Financial Co-operation Committee convened today Source: HKSAR Government Press Releases

Third meeting of Shenzhen-Hong Kong Financial Co-operation Committee convened today Source: HKSAR Government Press Releases

Third meeting of Shenzhen-Hong Kong Financial Co-operation Committee convened today Source: HKSAR Government Press Releases

Hong Kong Customs detects two dangerous drugs cases and seizes suspected drugs worth about $7.95 million

Hong Kong Customs detected two dangerous drugs cases in Tseung Kwan O and Hong Kong International Airport respectively yesterday (May 21) and today (May 22), and seized a total of about 21.8 kilograms of assorted drugs with a total estimated market value of about $7.95 million. Two men and one woman, aged between 38 and 49, were arrested.

In the first case, Customs officers intercepted a 48-year-old man and a 49-year-old woman in Tseung Kwan O during an anti-narcotics operation yesterday afternoon. About 3.8kg of suspected drugs, including ketamine, methamphetamine, etomidate capsules, psilocybin mushrooms, MDMA and a batch of suspected drug packaging paraphernalia were found in their residence in the same district. They were then arrested.

In the second case, a 38-year-old male passenger arrived in Hong Kong from Amsterdam, the Netherlands, today. During customs clearance, Customs officers found about 18kg of suspected ketamine inside his check-in suitcase and 33 sticks of duty-not-paid cigarette inside his carry-on baggage. The man was subsequently arrested.

The arrested man and woman in the first case have been jointly charged with one count of trafficking in a dangerous drug and one count of possession of apparatus fit and intended for the inhalation of a dangerous drug. The case will be brought up at the Kwun Tong Magistrates' Courts tomorrow (May 23), while an investigation is ongoing for the second case.

Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.

Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.

Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

Under the Dutiable Commodities Ordinance, cigarettes are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.

Members of the public may report any suspected drug trafficking activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Hong Kong Customs detects two dangerous drugs cases and seizes suspected drugs worth about $7.95 million Source: HKSAR Government Press Releases

Hong Kong Customs detects two dangerous drugs cases and seizes suspected drugs worth about $7.95 million Source: HKSAR Government Press Releases