Leveraging Hong Kong's long-term reputation for financial regulation and business operations, the city is well-positioned to play a pivotal role in the global market amid heightened uncertainties and relocation of assets in the world, said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu
As the world shifted from globalization to fortress, Hong Kong should enhance its financial infrastructure and find a new growth driver, Hui told the local media.
A solid financial base could improve investors' stickiness towards Hong Kong, making them rely on the city's financial systems not just when the market performs well, but even during downturns, he added.
Regarding the establishment of a central clearing system for gold, he pointed out that as the UK, the US, and China dominate the global gold market, Hong Kong should seek to cooperate with Shanghai to lift its impact in the gold sector by leveraging its international advantage.
Besides, Hong Kong recently signed a gold-related business with Shenzhen, allowing overseas gold to be refined in Shenzhen before flowing back to Hong Kong, which broke through the mainland's policy restrictions on gold exports, he said.
He also noted that the government planned to optimize the tax reduction policies for the corporate treasury centre this year, and family offices are expected to include digital assets and personal loans in their tax reduction scope, beyond traditional stocks and bonds.
