Edward Yau: The SAR government will attract more metal and bulk commodities to be stored and traded in Hong Kong, promoting the development of the gold industry and related financial services.

On July 18, the Chief Executive of the Hong Kong Special Administrative Region, John Lee Ka-chiu, attended the inaugural ceremony of the Hong Kong Gold Exchange's board of directors and the 115th anniversary celebration of the gold and silver industry trade center. In his speech, he mentioned that the world is currently undergoing unprecedented changes, with geopolitical uncertainties increasing. The demand for gold as a safe-haven asset has significantly increased, making it an important component of global fund allocation. Last year, global gold demand reached approximately 4,550 tons, the highest since 2000. As the global economy shifts, the Asian market is gradually rising, with Asia now accounting for over 60% of global gold demand annually, leading to a noticeable growth in demand for gold trading and diversification storage in surrounding economies. The government will unite various sectors to leverage Hong Kong's strengths and turn the changing environment into opportunities, attracting more metals and commodities to be stored and traded in Hong Kong. This will promote the development of the gold industry and related financial services, gradually building a complete ecosystem. In his speech, Chief Executive John Lee Ka-chiu congratulated the newly appointed members of the inaugural board of directors of the Hong Kong Gold Exchange and wished the exchange success in injecting strong momentum into the Hong Kong gold market, aiming to make Hong Kong an international first-class gold trading center. He also congratulated the Gold and Silver Industry Trade Center on its 115th anniversary. The Gold and Silver Industry Trade Center, established in 1910, has accompanied Hong Kong through 115 years, enduring various challenges and opportunities to become the only exchange providing physical gold and silver trading in Hong Kong. The center has responded to market demand and successfully taken key steps towards modernized governance this year, completing its corporatization and professionalization transformation. The newly established Hong Kong Gold Exchange will optimize corporate governance and lay a solid foundation for future business expansion. The Chief Executive highlighted the accelerating global changes and increasing geopolitical uncertainties, emphasizing the significantly growing demand for gold as a safe-haven asset. Hong Kong's advantages under the "one country, two systems" framework make it an international financial, shipping, and trade center, as well as the world's largest offshore Renminbi business center, with a long-standing legal system. In this rapidly changing global environment, Hong Kong provides a secure and stable development space, attracting global investors seeking certainty. The government formed a working group at the end of last year to comprehensively review the gold financial trading sector, bringing together experts from the financial industry, gold trading, and related professional fields. The work group will develop a comprehensive development plan covering increased storage capacity, optimized trading and regulatory mechanisms, and expanded exchange products. The government will unite various sectors to leverage Hong Kong's strengths and turn the changing environment into opportunities, attracting more metals and commodities to be stored and traded in Hong Kong. This will promote the development of the gold industry and related financial services, gradually building a complete ecosystem. In conclusion, Chief Executive John Lee Ka-chiu expressed his wishes for the success and prosperity of the Hong Kong Gold Exchange and all attendees, emphasizing the importance of collaboration and innovation in making Hong Kong an international gold trading center.