Commodity trading can serve nation and create jobs: FS

Financial Secretary Paul Chan has stated that developing commodity trading in Hong Kong can benefit the nation and generate employment opportunities. The 15th Five-Year Plan endorses Hong Kong's efforts to establish a commodity trading environment. The government has initiated this process by focusing on gold trading. The aim is to increase Hong Kong's gold storage capacity to more than 2,000 tonnes within three years and encourage gold traders to establish or expand refineries in the region.

In an interview with RTHK's Vision 15: Hong Kong's Chapter, Chan emphasized that commodity trading supports national interests. He explained that expanding commodity trading enhances Hong Kong's position as an international financial hub and serves the country's broader needs. As one of the largest consumers of gold and a significant user of various precious and rare metals, including those essential for electric vehicles, the nation stands to gain from this development.

To bolster Hong Kong's role in the gold market, the government is introducing a new gold price benchmark. Chan believes that this benchmark could empower Hong Kong to exert greater influence over gold pricing. He further highlighted that building a commodity trading ecosystem in Hong Kong will stimulate demand for storage facilities and associated professional services, thereby contributing to job creation.