Northern Metropolis ‘large-scale land disposal’ a win-win, Paul Chan says
Fast-tracking the Northern Metropolis through a “large-scale land disposal” scheme underscores the government’s push to integrate technology, industry and talent while accelerating Hong Kong’s economic restructuring, the finance chief has said. In a blog post on Sunday, Financial Secretary Paul Chan Mo-po said the megaproject’s success hinged on attracting “high-value-added, high-potential…
Finance chief Paul Chan Mo-po has defended Hong Kong's "large-scale land disposal" scheme as a "win-win" strategy for economic restructuring, highlighting its role in integrating technology, industry and talent. The scheme, which has already awarded its first pilot area in Hung Shui Kiu, aims to attract high-value-added industries and companies to develop 30,000 hectares of industrial land near the city's border with the mainland.
Chan emphasized the importance of directing market forces into industrial development and attracting strategic industries that can create jobs and drive the creation of industrial chains. The government's approach to financing the metropolis, through bond market investments and reduced cash outlay, is seen as mutually beneficial.
Chan also stressed the need to focus on Hong Kong's innovation and technology sectors, relying on the government's investment arm and science and technology parks to guide key industries and startups. Meanwhile, the Secretary for Financial Services and the Treasury, Christopher Hui Ching-yu, outlined the city's plans to expand gold storage capacity and develop gold refining industries, highlighting Hong Kong's potential as a trading hub for the precious metal.
These developments come as Hong Kong seeks to tap into the lucrative Islamic finance market, with the city exploring the possibility of issuing renminbi Islamic bonds to diversify investment products.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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