Hong Kong actively seeking to join Asian infrastructure bank, says financial secretary
City's multiple strengths stand it in good stead, top officials say amid a flurry of international interest in joining proposed regional lender
Hong Kong is seeking actively to join the new Asian Infrastructure Investment Bank (AIIB), a China-led regional version of the World Bank that has been attracting more countries to sign up as founding members ahead of the deadline on Tuesday.
Chief Executive Leung Chun-ying said he would discuss with Beijing how the city could get in on the act under the principle of "one country, two systems".
"Hong Kong's free port policy, efficient customs clearance, strong intellectual property protection and level-playing field provide strong support," he said in Hainan yesterday in a session at the Boao Forum for Asia. The city could also contribute to helping the renminbi become a global currency, he said.
In Hong Kong, Financial Secretary John Tsang Chun-wah said: "The government will actively pursue [membership of] the Asian Infrastructure Investment Bank. With our strengths in financial and professional services, we can contribute to the country as well as create opportunities for Hong Kong."
The new institution, with a capital target of US$100 billion, will aim to promote infrastructure development in regional states by providing loans.
A source familiar with the matter said that, depending on Hong Kong's mode of participation, the city should be prepared to fork out at least several billion Hong Kong dollars.
Simon Shen Xuhui, director of global studies at Chinese University, saw three ways in which Hong Kong could take part.