Xinhua reported on June 13, 2017, that the previous day the government of China's Hong Kong Special Administrative Region (HKSAR) had become a new member of the Asian Infrastructure Investment Bank (AIIB). It said the Finance Committee of the Legislative Council had approved on May 12, the funding for subscription of 7,651 shares of the AIIB's capital, including 1,530 paid-in shares that are amounting to about 1.2 billion Hong Kong dollars (153.9 million U.S. dollars) and payable over five years, and 6,121 callable shares.