Hong Kong Government to Announce New Budget Plan by Month-End

According to Odaily, the Hong Kong government is set to unveil a new fiscal budget plan by the end of this month. Legislative Council member Lee Wai-hong, representing the financial services sector, has consolidated industry opinions and submitted them to Financial Secretary Paul Chan. Lee has proposed measures to boost the development of the virtual assets and futures markets, including expediting the licensing approval process. He suggests that the Futures Exchange should implement 23-hour trading, expand the range of futures products available during holidays, and introduce more derivative products for virtual asset options and futures. These steps aim to strengthen Hong Kong's position as an international risk management center. Additionally, Lee urges the government to accelerate the establishment of an international gold trading center and to join the Regional Comprehensive Economic Partnership (RCEP) as soon as possible. This would enable the industry to export gold and other precious metals from Hong Kong to RCEP member countries with zero tariffs.