AIIB will benefit HK
Updated: 2015-04-01 07:56
(HK Edition)
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Before attending Tuesday's Executive Council meeting, Chief Executive Leung Chun-ying urged "pan-democrat" lawmakers not to filibuster if the government sought Legislative Council (LegCo) approval on joining the Beijing-led Asia Infrastructure Investment Bank (AIIB).
The entry of AIIB, together with "One Belt, One Road", is a much discussed issue not only in our city, but around the globe. It aims to enhance regional connectivity and integration. China as a responsible world power proposed the "One Belt, One Road" development strategy in 2013. This will link China with Europe through Central and Western Asia by land and connect China with Southeast Asian countries, Africa and Europe by sea. This grand vision involves nearly 60 countries and regions covering over 4 billion people.
To make the strategy more workable and sustainable, the establishment of AIIB is essential. Last October China took the initiative by committing $50 billion, with the hope of raising a total of $100 billion. The bank will fund infrastructure projects across Asia, with a focus on the Association of Southeast Asian Nations' members, because most countries within the scope of the "One Belt, One Road" plan urgently need more developed infrastructure - but few have sufficient capital.
The market scale and development potential is evidently huge for everyone involved. This is particularly true from Hong Kong's perspective. As a world-acclaimed global financial hub, Hong Kong is capable of doing a good job as a member of AIIB. In fact, with the experience, expertise and connections to serve as the fundraising hub of "One Belt, One Road", the city is in a unique position to act as a "super connecter" - as Leung suggested.
So far, more than 40 countries and regions have signed up to join AIIB as founding members. China's grand strategy to expand its footprint westward in the spirit of the ancient Silk Road is developing well.
By enhancing the influence of China and Asia in international affairs, Hong Kong could also boost its status as a global financial hub, while reaping considerable dividends in the process.
Hong Kong can't afford to be absent from this grand economic feast. HKSAR, as part of China, should also share "Asia's new future: toward a community of common destiny" envisioned in President Xi Jinping's keynote speech at Boao Forum.
As relevant procedures must pass through LegCo, the public sincerely hope "pan-democrat" lawmakers will not obstruct the SAR's entry into AIIB, which is a regional version of the World Bank.
Over the past few years opposition legislators have constantly objected to bills tabled by the government, at the cost of hampering government efficiency and ruining the reputation of the city. For the sake of Hong Kong's wellbeing, it is time for those unruly LegCo members to cease their irresponsible behavior.
(HK Edition 04/01/2015 page11)