(Hong Kong Wen Wei Po reporter Li Changhong, Shenzhen) Gold prices have continued to rise this year, with London spot gold recently hitting a record high of US$4,338 per ounce. While the international gold trading market is booming, Hong Kong is leveraging its proximity to the Greater Bay Area—a global center for jewelry design and manufacturing—and the "One Country, Two Systems" principle to vigorously develop itself into an international gold trading center.

Haywood Cheung, Chairman of the Hong Kong Gold Exchange (HKGEX), stated in a recent interview with Hong Kong Wen Wei Po that the Hong Kong SAR government is actively promoting Hong Kong as an international gold trading center. He noted that Shenzhen's Shuibei area has many large refineries, gold merchants, and traders, and it is expected that Hong Kong's policies will attract many of these gold and jewelry companies to establish operations in Hong Kong, utilizing the advantages of "One Country, Two Systems," duty-free imports and exports, and low profits tax to expand their international business. Haywood Cheung pointed out that regarding the coordinated development of Hong Kong and Shenzhen's gold industry, Chief Executive John Lee outlined a roadmap in his Policy Address in September this year. Hong Kong aims to build itself into an international gold trading hub in five key areas: warehousing, refining, clearing, enriching gold investment tools, and establishing a communication platform with the government and regulatory agencies. The Policy Address specifically mentioned promoting the establishment or expansion of gold refineries by gold merchants in Hong Kong, and exploring with the mainland the possibility of processing imported materials for refining gold and exporting it to Hong Kong for trading and delivery purposes.

The Hong Kong SAR government will also study tax-related measures to facilitate the return of processed gold to Hong Kong.

Shenzhen and Hong Kong Sign Memorandum of Understanding to Build Regional Ecosystem On November 7th, at the third meeting of the Shenzhen-Hong Kong Financial Cooperation Committee, the Financial Services and Treasury Bureau of the Hong Kong SAR government and the Shenzhen Municipal Financial Regulatory Bureau signed a memorandum of understanding to jointly build a deeply integrated regional gold ecosystem through complementary advantages between the two places, and to support Hong Kong gold merchants and qualified Shenzhen refining enterprises in carrying out processing trade cooperation in accordance with laws and regulations.

Haywood Cheung is very confident in strengthening cooperation between Hong Kong and Shenzhen in the gold refining business. He stated that the Hong Kong Gold Exchange has relevant experience and technology, and already possesses 32 licenses for refinery business, with 12 to 13 active refineries. He hopes that more mainland refineries, especially those from Shenzhen's gold and jewelry industry, will establish operations in Hong Kong, further enhancing Hong Kong's gold refining and purification technologies. He also hopes they will leverage Hong Kong's "One Country, Two Systems" principle, duty-free imports and exports, and low profits tax to expand their international business.

The two cities are building a collaborative base for the refining industry. Shenzhen is also actively supporting Hong Kong's efforts to develop into an international gold trading center, utilizing its own well-developed gold and jewelry industry. At the recent Shenzhen Gold Expo, Shi Weigan, Director of the Shenzhen Municipal Financial Regulatory Bureau, stated that the Shenzhen and Hong Kong governments will launch cooperation in the gold sector to help Hong Kong become an international gold trading center.

Socrue : HKTKWW
(Chinese Only – English Version translate by AI)