2024 Policy Address: John Lee Ka-chiu on Hong Kong's Safe-Haven Investment Strategy
Potential of Gold Trading in Hong Kong
In the recent 2024 policy address, Chief Executive John Lee Ka-chiu outlined ambitious plans aimed at enhancing Hong Kong's position as a global **financial hub** through its burgeoning gold trading market. Amid escalating geopolitical tension, Financial Secretary Paul Chan Mo-po emphasized gold's role as a traditional safe-haven investment.
Strategic Initiatives to Boost Gold Trading
- Expansion of storage facilities to accommodate increasing trading volumes.
- Creation of a dedicated working group for regulatory improvements.
- Development of comprehensive risk management tools and financial products.
Chan asserted that Hong Kong's strategic location between mainland China and India provides unparalleled access to two of the world’s largest consumer markets for gold. Over the past decade, gold bullion trading has grown at an annual rate of 18% and is expected to double.
Enhancing Trade Infrastructure
The local airport hosts a gold vault with a capacity of 150 tonnes, needing significant upgrades to compete with Singapore's new storage capabilities. As Hong Kong strengthens its gold trading ecosystem, Chan envisions opportunities for expanding into other commodities, fortifying the city’s role in global markets.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.