Hong Kong becomes new member of AIIB

A view of the West Kowloon Cultural District, Hong Kong, which is under construction, from Victoria Peak on April 30, 2017. [Photo/Xinhua]

HONG KONG - The government of China's Hong Kong Special Administrative Region (HKSAR) said Tuesday that Hong Kong has become a new member of the Asian Infrastructure Investment Bank (AIIB).

The Finance Committee of the Legislative Council approved on May 12, the funding for subscription of 7,651 shares of the AIIB's capital, including 1,530 paid-in shares that are amounting to about HK$1.2 billion ($153.9 million) and payable over five years, and 6,121 callable shares. Having completed the subsequent legal procedures, Hong Kong was admitted as a new member of the AIIB, the HKSAR government said.

Financial Secretary of the HKSAR government Paul Chan said that "the early completion of our accession process demonstrates Hong Kong's readiness to support the operation of the AIIB."

"As the leading international financial center, Hong Kong has a sophisticated, robust and highly liquid financial market, and an abundance of top professionals with global experience, coupled with the unique advantage of 'one country, two systems'," Chan said, adding that Hong Kong is "well placed to help the AIIB to raise funds to finance various infrastructure projects."

Besides, Hong Kong's experience and expertise in the design, construction, operation and management of major infrastructure "have been well proven internationally," he said, adding that "Hong Kong's professional services and financial services sectors can certainly contribute to the success of the AIIB, while Hong Kong's participation in the AIIB can also create new opportunities for the relevant sectors."

The AIIB will hold the second annual meeting of its Board of Governors in Jeju, South Korea, on June 16-18. The financial secretary will lead a delegation to attend the meeting, which will be the first time that Hong Kong participates as a member of the Beijing-based bank.