Paul Chan: Northern Metropolis will reserve land for gold and bulk commodities and rare metals storage.

Hong Kong Financial Secretary Paul Chan Mo-po said in a recent media interview that the SAR government is determined to make the Northern Metropolis an important engine for Hong Kong's future development, and one key strategy is to reserve land for the storage and logistics of gold, bulk commodities and rare metals. The move is aimed at consolidating Hong Kong's position as an international financial center, especially as a hub for precious metals and commodities trading. Paul Chan Mo-po revealed that the government will actively study ways to encourage other central banks and gold investors to store gold in Hong Kong, so as to enhance Hong Kong's influence in the global gold market. He also noted that the authorities have been reviewing plans to reserve land for the industry to develop industrial metal warehouses recognized by the London Metal Exchange (LME), and are actively helping relevant enterprises identify suitable sites to meet international high-standard storage needs. Turning to the overall development of the Northern Metropolis, Paul Chan Mo-po reiterated that the government's determination to push forward the Northern Metropolis is unwavering. According to the first five-year plan, the Northern Metropolis aims to produce 900 hectares of spade-ready land in the next five years. He stressed that the government will actively encourage the participation of private market forces and resources to improve development efficiency, ensure that housing and land supply can be readied on schedule, and roll it out in a timely manner according to market conditions. On land resumption compensation, Paul Chan Mo-po described the government's current policy as relatively "generous," and said he is pleased to see a high degree of consensus among residents in the North District and across society on the development of the Northern Metropolis, making him cautiously optimistic about future land resumption progress. Paul Chan Mo-po also stressed that the country has always firmly supported the building of Hong Kong as an international financial center. He pointed out that, based on the actual needs of market development, for example when there is a need to increase renminbi liquidity in the offshore market, he believes the People's Bank of China and other relevant institutions will be happy to provide support, demonstrating the central government's continued support for the development of Hong Kong's financial market. This helps deepen Hong Kong's role as a global hub for offshore renminbi business.