Chen Maobo: The northern metropolitan area will reserve land for storage of gold, commodities and rare metals

The Zhitong Finance App learned that Hong Kong's Financial Secretary Chan Mao-po said in an exclusive interview with the media a few days ago that the SAR government is determined to make the northern metropolitan area an important engine for Hong Kong's future development. One of the key strategies is to reserve land for storage and logistics of gold, commodities and rare metals. The move is aimed at strengthening Hong Kong's position as an international financial center, particularly as a hub for precious metals and commodities trading.

Chen Maobo revealed that the government will actively study and encourage other central banks and gold investors to store their gold in Hong Kong to enhance Hong Kong's influence in the global gold market. He also pointed out that the authorities have been reviewing plans to reserve land for the industry to develop industrial metal warehouses accredited by the London Metal Exchange (LME), and are actively assisting relevant enterprises to find suitable locations to meet international high-standard warehousing requirements.

Referring to the overall development of the northern metropolitan area, Chen Maobo reiterated the government's unswerving determination to promote the northern capital. According to the first five-year plan, the Northern Metropolitan Area aims to produce 900 hectares of ripe land over the next five years. He stressed that the government will actively encourage private market forces and resources to participate in it to improve development efficiency, ensure that housing and land supply can be prepared on time, and will be launched in due course according to market conditions. In terms of land acquisition compensation, Chen Maobo described the government's current policy as “generous,” and he is happy to see that residents of the North District and all sectors of society have a high level of consensus on the development of Beidu, so he is cautiously optimistic about future land acquisition progress.

Chen Maobo also stressed that the country has always strongly supported the construction of Hong Kong's international financial center. He pointed out that according to the actual needs of market development, for example, when there is a need to increase RMB liquidity in the offshore market, he believes the People's Bank of China and other relevant institutions will be happy to provide support, showing the central government's continued support for the development of Hong Kong's financial market. This helps to deepen Hong Kong's role as a global offshore renminbi business hub.