My Take | There are legitimate questions about Hong Kong joining the AIIB

Chief Executive Leung Chun-ying has warned pan-democratic lawmakers not to filibuster against efforts by the government to join the Beijing-led Asian Infrastructure Investment Bank (AIIB). He might have saved his breath.

The warning is a bit like waving a big red flag before a charging bull. It sounds more like an "I dare you" provocation to the pan-dems. Certainly those who love using filibustering as a delaying tactic in the legislature would not be deterred.

On the other hand, whether pan-dem or pro-establishment, lawmakers should raise some legitimate questions about our joining the AIIB. That should not be confused with senseless filibustering. Indeed that's their legislative duty to do so if, as Leung has said, his government seeks the Legislative Council's approval on matters related to becoming a bank member.

The obvious first question is, what will be the cost of admission?

People have short memories. Certainly our government never publicised it; but some of us still remember how Beijing unilaterally told Hong Kong in 2009 to hand over US$4.2 billion (HK$32.5 billion) to the so-called Chiang Mai Initiative Multilateralisation. The "what a mouthful" initiative is a complicated multilateral pool of funds contributed by members of the Association of Southeast Asian Nations, plus China, Japan and South Korea - and coordinated by the Asian Development Bank - to help countries in the region during a financial crisis. It has been called the Asian International Monetary Fund. But interestingly, it has never been used since the initiative was conceived after the Asian financial crisis.

So are we going to pay more or less than the sum we paid to the Chiang Mai Initiative for AIIB membership? We ought to be told.