The Hong Kong government is gearing up to announce a fresh fiscal budget plan before the month ends. Lee Wai-hong, a Legislative Council member, has spearheaded efforts to enhance the financial services sector by advocating for measures to invigorate the virtual assets and futures markets. These proposed initiatives, submitted to Financial Secretary Paul Chan, include streamlining the licensing process to facilitate market development.
Empowering Virtual Assets and Futures Markets
Lee’s suggestions encompass various strategies to elevate Hong Kong’s standing as a global risk management hub. One key proposal is the implementation of 23-hour trading on the Futures Exchange, expanding the range of available futures products during holidays, and introducing more derivative products for virtual asset options and futures. These initiatives aim to fortify the city’s position on the international financial stage.
Accelerating Economic Growth
In addition to bolstering the virtual assets and futures markets, Lee advocates for expediting the establishment of an international gold trading center in Hong Kong. Furthermore, he emphasizes the importance of Hong Kong swiftly joining the Regional Comprehensive Economic Partnership (RCEP). By becoming a part of the RCEP, Hong Kong would gain the advantage of exporting gold and other precious metals to member countries without incurring tariffs, fostering economic growth within the region.
Opportunities for Market Expansion
The proposed budget plan signals a transformative period for Hong Kong, with a focus on catalyzing growth in the financial sector. By embracing innovations in virtual assets, futures markets, and international trade agreements, the city aims to carve out a competitive edge in the global financial landscape.
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#Virtual assets market development, #Hong Kong fiscal budget plan, #International trade agreements