Proposal has received a ‘positive’ response from Beijing, according to Paul Chan Mo-po
Hong Kong, which last week joined the Beijing-led Asian Infrastructure Investment Bank by agreeing to pay US$155 million over five years, is now lobbying the AIIB to set up a regional office in the city, Financial Secretary Paul Chan Mo-po told the on Saturday. Speaking on the sidelines of the two-day AIIB annual meeting on the South Korean resort island of Jeju, Chan said Hong Kong was also seeking to become an alternate governor on the bank’s board, which would give the city a bigger say in the institution. The AIIB is Beijing’s answer to the Asian Development Bank led by Japan and the World Bank, which is heavily influenced by the United States. Chan said Hong Kong had made its wishes clear to AIIB president Jin Liqun and Minister of Finance Xiao Jie, proposing that part of the bank’s operations – such as the treasury – be moved to the city. The proposal had received a “positive” response from Beijing, he said. “They know our advantages, ” Chan said. “Compared with cities like Shanghai, we have the advantage … of our wider reach to international investors, in particular institutional investors.
