Press Release - February 15, 2001
The success of the "One Country, Two Systems" and "Hong Kong People Running Hong Kong" has taken root in Hong Kong and that Hong Kong is not a test case but a showcase for this unique concept.

"Hong Kong's success has been built on the rule of law, a level playing field for business, the free and unfettered flow of news and information and civil liberties," Hong Kong's Financial Secretary, Donald Tsang, reiterated after the Hong Kong government announced today (Feb. 15) his appointment as Chief Secretary for Administration to succeed Mrs Anson Chan who will retire in April.

On the nomination and recommendation of the Chief Executive, Mr Tung Chee Hwa, Mr Antony Leung Kam-chung was appointed as Financial Secretary and will succeed Mr Tsang on May 1.

The Chief Executive, while announcing the appointments, expressed full confidence in the two officers. He said, "Mr Donald Tsang's distinguished career as a civil servant spans over more than three decades. He has served Hong Kong with dedication, commitment and distinction in many different capacities. Since the Handover, in his capacity as Financial Secretary, he has led his team of colleagues to overcome the Asian financial crisis. Today's recovery of the Hong Kong economy owes much to the determination and wisdom that Donald and his team have displayed over his critical period.

"Likewise, I am delighted to have Mr Antony Leung to serve as Financial Secretary at the critical moment when Hong Kong is facing the twin challenges of globalization and developing the new economy.

"Antony will bring with him to the financial portfolio the wealth of experience which he has acquired in international banking over a quarter of a century. In the increasingly fast moving world of financial markets, Internet stock trading and e-commerce, Antony's professionalism and expertise will be a pillar of strength in the HKSAR Administration. Antony's experience in masterminding our education reforms and his service as a Member of the Executive Council provide him with an excellent foundation to serve as a senior member of the Government."

Mr Donald Tsang, aged 56, first joined the Civil Service in 1967 and was appointed an Administrative Officer in 1971. During the early years of his career, he held a variety of posts in the Administration dealing with finance, trade and policies relating to the future of Hong Kong.

Mr Tsang was appointed Deputy Secretary of General Duties Branch in 1985 and became the Director-General of Trade (and Chief Trade Negotiator) in 1991. In May 1993, he was promoted to Secretary for the Treasury to take charge of the overall resource allocation of the Hong Kong Government and the taxation systems.

He was appointed the Financial Secretary of Hong Kong in September 1995, making him the first Chinese to assume the principal post. He became the first Financial Secretary of the HKSAR Government on July 1, 1997, following the nomination by the Chief Executive and appointment by the Central People's Government.

Mr Tsang last visited Canada in June 2000.

Mr Antony Leung, aged 49, is the Chairman for Asia-Pacific of J.P. Morgan. He joined Chase Manhattan Bank (which merged with J.P. Morgan in 2000) in 1996. Prior to that, he had worked for Citicorp for 23 years in management positions in investment banking, corporate and private banking in Hong Kong, New York, Singapore and Manila.

Mr Leung is very active in community services. Currently he is a member of the Executive Council, the Chairman of the Education Commission and a member of the Exchange Fund Advisory Committee.

He was Chairman (1993-98) and Member (1990-93) of the University Grants Committee, Member of the Board of the Airport Authority and the Provisional Airport Authority (1990-98), and Director of the Hong Kong Futures Exchange (1987-90).

A graduate of the University of Hong Kong in 1973, majoring in Economics and Statistics, Mr Leung completed the Harvard Business School's Program for Management Development in 1982 and the Advanced Management Program in 1999.