Hong Kong's Chief Executive Tung Chee-hwa announced yesterday the appointments of Henry Tang Ying-yen as new financial secretary and Ambrose Lee Siu-kwong as secretary for security. He praised both for their leadership skills and rich experience.

The selections end nearly three weeks of speculation after Antony Leung and Regina Ip submitted their resignations on July 16 after a Hong Kong mass protest in early July.

A well-known businessman, Tang is also secretary for commerce, industry and technology -- a principal official under the accountability system.

Tung Chee-hwa (C) announces Henry Tang (2nd-L) as the new financial secretary, Ambrose Lee (2nd-R) as the new security secretary, John Tsang (L) as the Independent Commission against Corruption (ICAC) commissioner and Raymond Wong as the Commerce Secretary in Hong Kong August 4, 2003. [newsphoto.com.cn]

John Tsang Chun-wah, a permanent secretary for planning and lands, will take over his former job.

As Lee assumes his new post, he relinquishes his position as commissioner of the Independent Commission Against Corruption -- a job he took on a little more than a year ago.

Raymond Wong Hung-chiu, the serving Commissioner for Customs and Excise, will become the next head of the anti-graft body.

The State Council, China's cabinet, approved the appointments, nominated by Tung, on Saturday according to the Basic Law, Xinhua reported shortly before the announcement.

Hong Kong Chief Executive Tung Chee-hwa (C) announces, Henry Tang (2nd-L) as the new financial secretary, Ambrose Lee (2nd-R) as the new security secretary, John Tsang (L) as the Independent Commission against Corruption (ICAC) commissioner and Raymond Wong as the Commerce Secretary in Hong Kong August 4, 2003. [Reuters]

Presenting the new officials at a press conference, Tung praised them "as having a good grasp of government operations, excellent leadership skills and a wealth of experience.''

"I am confident that they will help us move towards a more open, progressive and efficient government. I hope they will work for the interests of the people and do their utmost to serve the public,'' he said.

Only tipped as a favourite candidate last week, Tang said Hong Kong is facing unprecedented challenges of economic transition, unemployment, budget deficit and deflation.

Tang said he feels he is shouldering a very important responsibility as financial secretary at a time when citizens have high expectations of the government.

"As financial secretary, my first and foremost task is to improve the Hong Kong economy,'' he told the press conference.

"Although we are facing stern economic hardships, we should not forget our unique strengths and good economic fundamentals,'' he said, adding that the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and the mainland is one of the territory's major strengths.

Tang was repeatedly asked if he would remove 2006-07 as the deadline for returning to a balanced budget. In reply, he said he would handle the deficit problem very carefully.

"We would follow the requirement of the Basic Law that we should strive to achieve a fiscal balance, and to ensure the deficit will not pressure on the stability of the monetary system and the peg with the US dollar,'' he said.

Serving as director of immigration from 1998-2002, Lee worked closely with Regina Ip and was deeply involved in the right of abode cases.

"I will carefully listen to voices of the community and will meet various political parties in the Legislative Council,'' Lee said when asked as to how he would handle the new round of public consultation for the Article 23 legislation.

Like Ambrose Lee, Raymond Wong also worked directly under Regina Ip as deputy security secretary for about three years before being promoted as the customs chief in July 2001.

Wong would not comment openly on the case when asked how he would deal with the incident relating to ex-financial secretary Antony Leung's car purchase.

"We will deal with the matter fairly, impartially and in compliance with the law,'' he said. "But whether there will be a prosecution is for the secretary for justice to decide.''

Speaking about his new post, John Tsang said he would endeavour to improve the business environment for small and medium-sized enterprises and attract foreign capital.

He vowed to make use of the market force of the Pearl River Delta area to develop high value-added, innovative and high-tech industries and to enhance Hong Kong's role in the delta.

"As the CEPA plays a very important part, we will work very hard to implement and to broaden the content of the CEPA,'' Tsang said.

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