HONG KONG • Hong Kong's No. 3 official, Financial Secretary John Tsang, has resigned and is expected to announce his intention to run for the city's top job in March.
The city government yesterday said Chief Executive Leung Chun Ying had submitted Mr Tsang's resignation to China's central government, and the Secretary for Financial Services and the Treasury, Mr Chan Ka Keung, would be Acting Financial Secretary.
There have been months of speculation that Mr Tsang, who tops popularity polls, would step down and enter the race to become the financial hub's Chief Executive.
The unpopular incumbent Mr Leung announced last Friday he would not stand for a second five-year term.
But Mr Tsang, 65, stopped short of throwing his hat into the ring yesterday.
"Running as Chief Executive is a serious question," he told reporters in his last press conference as financial secretary.
"I will make a responsible decision and notify everyone as soon as possible. I am sorry I cannot say too much on it today."
Known as "Uncle Pringles" for his resemblance to the potato crisp brand's mascot, the US-educated Mr Tsang is a fencing and martial arts enthusiast who has been the former British colony's finance minister since July 2007.
Candidates running for Chief Eexecutive have to be vetted by an Election Committee comprising 1,194 members. The committee was selected on Sunday. It will also decide who will lead the city of 7.2 million people in late March.
Tens of thousands of protesters clogged city streets for weeks in 2014 to demand a "one man, one vote" election for Chief Executive but they failed to win any concessions from Beijing.
Hong Kong's next leader faces a host of challenges with concern growing over the influence of Beijing in city affairs as well as a fledging independence movement that has alarmed China's Communist Party leadership.
Hong Kong's economy generally grew at a stable pace under Mr Tsang and the government recorded surpluses every year.
Last year's surplus was HK$14.4 billion (S$2.7 billion).
But critics say Mr Tsang has failed to use the government's HK$842.9 billion in reserves to fund long-term social welfare policies, instead announcing one-off "sweeteners"in his annual budget addresses.
Compared with Mr Leung, who is generally seen as a dour hardliner, Mr Tsang has long enjoyed the highest approval ratings among the city's top officials, scoring 63.1 out of 100 according to a Dec 7 survey by the University of Hong Kong's Public Opinion Programme.
Mr Tsang is also less closely identified with Beijing's Communist Party leadership than Mr Leung.
Retired judge Woo Kwok Hing became the first person to enter the race when he announced his campaign in October.
Hong Kong's No. 2 official, Chief Secretary Carrie Lam, and former security chief Regina Ip have also expressed an interest in running.
REUTERS, BLOOMBERG
