"I believe my departure now may be good timing," said Financial Secretary Antony Leung in a statement yesterday upon his resignation.

"Firstly the Appropriation Bill and the major revenue proposals in the Budget have been passed by the Legislative Council; secondly, SARS has been contained and the economic relaunch measures are under implementation, with the recovery in the most affected industries stronger than could have been anticipated; and thirdly, the entry into Closer Economic Partnership Arrangement with the mainland has been successfully achieved.

"I am glad that I have had the opportunity to serve the people of Hong Kong, which I have carried out in all respects with a clear conscience at all times.

"It has been my honour and privilege to have been a principal official in the chief executive's administration. I wish him (Tung) every success in the governance of Hong Kong and the restructuring of the economy."

"During his tenure as financial secretary, Leung has devoted his best efforts to revitalizing the economy of Hong Kong," Chief Executive Tung Chee-hwa said yesterday in a statement on the resignation of Leung.

"In particular, he has made important contributions in tackling the deficit, restructuring the economy, concluding the Closer Economic Partnership Arrangement between the mainland and Hong Kong and relaunching Hong Kong after the SARS outbreak.

"I would like to express my heartfelt thanks to Mr Leung for his service and wish him every success and happiness in the future," Tung said.

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