Tourists take photos at a scenic spot in Hong Kong, south China, May 2, 2024. [Photo/Xinhua]

The Hong Kong Special Administrative Region (HKSAR) government on Monday welcomed the decision announced by the London Metal Exchange (LME) to include Hong Kong as an LME warehouse location, saying that the move will consolidate the city's position as an international financial, shipping and trade center.

The LME, a subsidiary of the Hong Kong Exchanges and Clearing Limited, announced on Monday that it would include Hong Kong as an approved delivery point within the LME's global warehousing network and will accept applications from warehouse operators to become approved for the storage of LME-registered brands of metals.

Christopher Hui, secretary for Financial Services and the Treasury of the HKSAR government, said that the approval would bring efficient and comprehensive services to the global metal markets, leveraging Hong Kong's institutional and legal advantages, and demonstrating its role as a "super-connector" and "super value-adder" to connect mainland, the world's largest consumer of metals, and international opportunities.

The establishment of LME-accredited warehouses in Hong Kong will provide more convenient, more cost-effective, and safer delivery channels for related metals trading in the region. It will also increase the demand for Hong Kong's trade, shipping, warehousing and transportation industries, strengthen Hong Kong's commodities ecosystem, and lay a foundation for future financial-related trading, he added.

Hong Kong is striving to create a commodity trading ecosystem, with the latest policy address vowing to capitalize on this opportunity to establish relevant supporting facilities to attract mainland enterprises to engage in commodity trade, especially of non-ferrous metal, in Hong Kong, further expanding the demand for maritime and trade services.

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