Hong Kong Aims to Become Global Hub for Gold Trading and Storage, Announces Financial Services Secretary

SFST chairs briefing session on gold market development to outline future strategies and directions

The Chief Executive announced in the 2025 Policy Address that he has accepted the recommendations of the Working Group on Promoting Gold Market Development, and tasked the Financial Services and the Treasury Bureau (FSTB) with taking forward the implementation work. At a briefing session on gold market development today (December 22), the Secretary for Financial Services and the Treasury, Mr Christopher Hui, told industry stakeholders that a complete industry chain has initially taken shape for Hong Kong's gold market, and the Government is actively working towards the goal of establishing Hong Kong as an international centre for gold trading, storage, clearing and risk management.

Organised by the FSTB, the briefing session aimed to introduce to the industry the Government's long-term strategy and overall direction for building an international gold trading market. This encompasses multiple areas, including expanding storage capacity, enhancing gold supply, establishing infrastructure, diversifying investment vehicles and developing a local gold trading ecosystem. Attendees included representatives from exchanges, banks, asset management companies, gold mining, trading firms and refineries, warehouse operators as well as logistics providers.

Mr Hui said, "Stemming from the visionary idea of developing an international gold trading centre put forward by the Chief Executive in his 2024 Policy Address, I am pleased to see that Hong Kong's gold market has begun to take shape, with a complete industry chain preliminarily established over the past year or so under the concerted efforts of the Government, regulators and the industry. The industry's response has been positive, and many constructive suggestions have been received. Leveraging Hong Kong's status as an international financial centre and its unique advantages of enjoying strong support from the motherland and being closely connected to the world, we will continue working closely with the industry, with a view to developing Hong Kong into an international hub for gold trading, storage, clearing and risk management."

He highlighted the meaningful strides already realised through Government's initiatives. In terms of storage facilities, the Airport Authority Hong Kong has completed the first-phase expansion of the precious metals depository at the Hong Kong International Airport, increasing capacity to 200 tonnes, and is pressing ahead with plans to further expand it to 1 000 tonnes. Meanwhile, the Shanghai Gold Exchange has launched its first offshore vault in Hong Kong. In addition, the FSTB and the Shenzhen Municipal Financial Regulatory Bureau have signed a Memorandum of Understanding to jointly build a deeply integrated regional gold ecosystem, laying a foundation for further co-operation in processing trade between Hong Kong and Shenzhen. On gold trading and clearing, the central clearing system for gold in Hong Kong, governed by a wholly government-owned company, is scheduled to commence trial operation in 2026.

To support the setting up of a trade organisation for the gold industry, the Government will set up a preparatory taskforce to engage a wide range of local and international stakeholders, with a view to promoting industry collaboration and facilitating the formation of a self-governing industry body. The preparatory taskforce will also hold in-depth discussions on details such as the structure, membership and financial arrangements of the future industry organisation.

Mr Hui added, "Through the upcoming preparatory taskforce, we look forward to further strengthening our collaboration with the industry. The future industry organisation will help enhance communication with the Government and regulators, and play an instrumental role in business development, global promotion, international co-operation and talent nurturing, thereby contributing to the long-term development of Hong Kong's gold market."

SFST chairs briefing session on gold market development to outline future strategies and directions Source: HKSAR Government Press Releases

SFST chairs briefing session on gold market development to outline future strategies and directions Source: HKSAR Government Press Releases

CS concludes visit to Beijing

The Chief Secretary for Administration, Mr Chan Kwok-ki, today (April 2) led the delegation of the Working Group on Planning and Construction of the University Town (WG) under the Committee on Development of the Northern Metropolis to continue their visit to Beijing.

The Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Xia Baolong, met with Mr Chan and other members of the delegation in the morning. Mr Chan thanked Mr Xia for his care and guidance for the Hong Kong Special Administrative Region (HKSAR) Government's work on planning and constructing the Northern Metropolis University Town (NMUT). He also reported that, in the past three days, the delegation of the WG had visited several places, including the Ningbo Higher Education Park, the Xiasha Higher Education Park in Hangzhou, the Zhejiang University International Campus (Haining), the Beijing Municipal Administrative Center, and Xiong'an New Area in Hebei. Through on-site visits to higher education developments in different places, and exchanges with experts and scholars on their successful experiences and development strategies, the delegation gained practical inspiration for the top-level design of the NMUT. This will help advance the deep integration of Hong Kong's academic excellence with industry, promoting industrial development through education. Mr Chan said that the WG will continue to push forward the development of the NMUT with enhanced quality, speed, and efficiency, in proactive alignment with the outline of the National 15th Five-Year Plan, as well as contribute Hong Kong's strengths to the national goal of building China into a leading country in education, and helping Hong Kong better integrate into and serve the overall national development.

The meeting was attended by the Executive Deputy Director of the Hong Kong and Macao Work Office of the Central Committee of the Communist Party of China and the Hong Kong and Macao Affairs Office of the State Council, Mr Xu Qifang. The Secretary for Education of the HKSAR Government, Dr Choi Yuk-lin, also reported on her work. The Director of the Northern Metropolis Co-ordination Office, Miss Linda So, and representatives from the eight University Grants Committee-funded universities attended the meeting together.

Mr Chan and other members of the delegation concluded their visit to Beijing and returned to Hong Kong this afternoon. Dr Choi continued her visit to Beijing this afternoon, and will return to Hong Kong tomorrow (April 3).

CS concludes visit to Beijing Source: HKSAR Government Press Releases

CS concludes visit to Beijing Source: HKSAR Government Press Releases