A rare spring snowfall in Beijing on March 4 created a picturesque scene outside the Great Hall of the People. Hong Kong deputy to the National People's Congress and Legislative Council member Chan Hiu-fung, attending his 14th annual session, remarked on the uncommon and romantic beauty of the weather. Despite the cold temperatures, he noted the high spirits and warm atmosphere among participants.

Fellow Hong Kong deputy and Legislative Council member Christopher Cheung detailed one of his three key proposals for the meetings: establishing Hong Kong as an international gold trading hub. His primary recommendation involves creating a unified platform for gold clearing and trading. This system would integrate the entire industry chain, including storage, trading, delivery, and settlement, aiming to provide greater security for investors and reduce transaction risks.

Building on this foundation, Cheung proposed that Hong Kong develop more diversified gold products, particularly those settled in Chinese yuan. His ultimate vision is to establish a "Gold Connect" mechanism, modeled after existing programs like the Stock Connect and Bond Connect. This would create a controlled channel enabling mainland and international investors to access gold products in each other's markets.

Cheung emphasized that such an initiative would significantly expand the usage scenarios for offshore yuan and enhance its liquidity. Regarding Hong Kong's gold reserves, he stated that the 2,000-ton target mentioned in the current policy address is merely a preliminary goal. He expressed confidence that Hong Kong possesses substantial growth potential to eventually match the scale of major hubs like London, which holds over 9,000 tons, and New York, with over 6,000 tons. A thriving gold market, he added, would attract more international gold traders to establish operations in Hong Kong.