Hong Kong Legislative Council Finance Committee Elects New Chair

Hong Kong's Legislative Council Finance Committee has announced the election of Li Weihong as its new chair. According to Odaily, Li Weihong has previously advocated for the development of virtual assets and futures markets, urging for expedited license upgrades. He has proposed that the futures exchange should implement 23-hour trading and increase holiday trading options for futures products, as well as expand the range of virtual asset options and futures derivatives. Li Weihong has also called on the Hong Kong government to accelerate the establishment of an international gold trading center and to seek early accession to the Regional Comprehensive Economic Partnership (RCEP). This move aims to enable the industry to export gold and other precious metals from Hong Kong to RCEP members with zero tariffs.