HK's expertise to add to AIIB's success

Hong Kong has officially become a member of the Asian Infrastructure Investment Bank, China's Hong Kong Special Administrative Region (HKSAR) said on Tuesday.

Paul Chan, the HKSAR's financial secretary, said that Hong Kong's expertise in the financial services sector can contribute to the success of the AIIB while its participation in the AIIB can also create new opportunities for the relevant sectors.

"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.

He added that Hong Kong is "well placed to help the AIIB to raise funds to finance various infrastructure projects."

The Financial Committee of the Legislative Council of Hong Kong approved on May 12 the funding for subscription of 7,651 shares of the AIIB's capital, including 1,530 paid-in shares that amount to about HK$1.2 billion ($153.9 million) and 6,121 callable shares.

Chan will lead a delegation to attend the AIIB's second annual meeting of its Board of Governors in Jeju, South Korea, on June 16 to 18.