Antony Leung Kam-chung GBS JP (梁錦松, Pinyin: Liáng Jǐnsōng, born 1952 in Hong Kong with family root in Shunde, Guangdong) was the former Financial Secretary of the Hong Kong Special Administrative Region (HKSAR). The existing Hong Kong honours system was created after transfer of government of Hong Kong to the People's Republic of China as a special administrative region A Justice of the Peace ( JP) is a Puisne Judicial officer appointed by means of a commission to keep the peace Pinyin, more formally Hanyu pinyin, is the most common Standard Mandarin Romanization system in use Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders Shunde District ( Yale Cantonese: Seun6 dak1 is a district of Foshan Prefecture-level city in the Pearl River Delta, Guangdong Guangdong ( EFEO: Kouangtong; Pinyin Guǎngdōng; Postal map spelling: Kwangtung) is a province on the Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders He now serves as the chairman of Blackstone Group's Asian office in Hong Kong. Among the most prestigious private equity and investment management firms in the world The Blackstone Group' ( is a company that provides Private equity, financial advisory
Leung, a former banker and civil service outsider, took the top economic post in one of the world's key financial centres on May 1, 2001. Events 305 - Diocletian and Maximian retire from the office of Roman Emperor. Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. Newspapers said Leung gave up a plump banker's package of more than HK$23 million (US$3 million) a year for a more modest HK$2. 45 million.
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Personal background
Before taking the government post on May 1, 2001, Leung served in senior management positions at big international banks in Hong Kong. He joined Chase Manhattan Corporation in 1996, where he rose to the rank of Asia-Pacific chairman. The Chase Manhattan Corporation was a Bank holding company formed as parent of the Chase Manhattan Bank.
He oversaw the Asia-Pacific operation of J.P. Morgan Chase & Co., which became the No. JPMorgan Chase & Co ( is the largest Banking institution in the United States by deposits and market capitalization and is one of the oldest operating 2 U. S. bank when commercial bank Chase Manhattan bought Wall Street investment firm J.P.Morgan in 2000. Wall Street is a street in lower Manhattan, New York City, United States. John Pierpont Morgan ( April 17, 1837 &ndash March 31, 1913) was an American financier banker and art collector who But he was relocated to Singapore right before he resigned from the post.
Leung started his banking career as a currency trader and spent 23 years with Citicorp where he took up regional management positions in investment, corporate and private banking in Hong Kong, New York, Singapore and Manila. The City of New York Singapore The City of Manila
Before taking up the post, he was actively involved in public services. He was an unofficial member of the Executive Council (1997-2001 April) and was responsible for Education Reform when he was the chairman of Education Commission (1998-2001 April). The Commission is now chaired by Ms. (formerly Dame) Rosanna Wong Yick-ming, the former chairperson of the Housing Authority who resigned after a vote of no confidence in the Legislative Council of Hong Kong following a scandal concerning the improper construction of housing estates under the Home Ownership Scheme. The Legislative Council ( LegCo) is the Unicameral Legislature of Hong Kong. Home Ownership Scheme ( Chinese 居者有其屋計劃 HOS for short is a Housing programme carried out by Hong Kong Housing Authority in Hong Kong
A successful commercial banker, Leung's soft-spoken manner contrasted markedly with his charismatic predecessor, Donald Tsang Yam-kuen, who is now the Chief Executive. Sir Donald Tsang Yam-Kuen, GBM, KBE, JP (born 7 October 1944 is the current Chief Executive and Head of Government of Hong Although a more conservative figure than Tsang, he nevertheless had his share of media limelight.
Leung's marriage to Chinese Olympic diving queen Fu Mingxia in July 2002 had Hong Kong's paparazzi in a frenzy. Fu Mingxia ( Chinese: 伏明霞 Pinyin: Fú Mingxiá was born on August 16, 1978 in Wuhan, Hubei Province, Paparazzi is a plural term ( paparazzo being the singular form for Photographers who take unstaged and/or candid photographs of Celebrities This was Leung's second marriage and a baby, a girl, was born in February 2003. Fu, a three-times Olympic champion in her early 20s, is less than half Leung's age.
Leung was educated in Hong Kong. He received his secondary education in Ying Wa College and holds a Bachelor of Social Sciences degree, majoring in economics and statistics, from The University of Hong Kong. Ying Wa College, formerly known as Anglo-Chinese College, is the world's first Anglo - Chinese school The social sciences comprise academic disciplines concerned with the study of the social life of human groups and individuals including Anthropology, Communication studies During his university studies, he actively participated in student activities and was concerned with political issues. It had been a long-term goal of Leung to be Financial Secretary, according to some classmates. He completed the Harvard Business School's Programme in Management Development in 1982 and the Advanced Management Programme in 1999. Harvard Business School ( HBS) is a renowned Business school in the United States He received an honorary Doctor of Laws at The Hong Kong University of Science and Technology in 1998. The Hong Kong University of Science and Technology (often abbreviated HKUST is a public university located in Hong Kong
Tenure as Financial Secretary
When in office, he proposed, in 2001, to cut the salaries of civil servants by 4. 5%. However, in the face of strong opposition, the cut was reduced to 1. 8-2. 3% and enacted through legislation. After that, the government proposed a further 3% in salary cuts over the following 2 years, 2005 and 2006.
He also stated that the government should succeed in balancing the budget by the 2006-07 fiscal year due to the recovery of the economy and further cuts in government expenditure. He claimed that it was necessary to balance the budget as quickly as possible so as to maintain the stability of the economy. He suggested expenditure cuts in different sectors, including university funding.
In September 2002, new HK$10 notes were co-issued by the Hong Kong Monetary Authority and the Hong Kong government in response to the problem of fake 10-dollar coins. The Hong Kong Monetary Authority ( or HKMA (金管局 is Hong Kong 's Central banking institution (more precisely Currency board) About 10 special features were applied to the new notes.
By the end of 2002, in response to the "penny stock" incident, he set up a 2-person commission, of which he was in charge, to investigate the incident. In the US a penny stock is a common Stock that trades for less than $5 a share and are traded Over the counter (OTC through quotation services such as the
After the outbreak of SARS, Leung was responsible for taking action to reinvigorate Hong Kong's economy. After receiving funding of HKD$1 billion from the Legislative Council, Leung was able to launch several initiatives including the "HarbourFest". Following his resignation, however, the Fest became mired in controversy regarding the chaotic arrangements made with overseas artists like the Rolling Stones, and the financial relationship between the government and the American Chamber of Commerce in Hong Kong to which inexperienced body had been entrusted the Fest's organisation.
Before his resignation, he signed the Closer Economic Partnership Arrangement (CEPA) with China, which, it was believed, could help Hong Kong get out of a prolonged economic downturn. The Mainland and Hong Kong Closer Economic Partnership Arrangement, or Closer Economic Partnership Arrangement ( CEPA) for short is an economic agreement between the
The "Lexusgate" scandal
Leung came under severe criticism in January 2003 when he bought a HK$790,000 (US$101,282) Lexus LS 430, just weeks before he raised the tax on new vehicles in his March budget. The Lexus LS is a Full-size luxury sedan that serves as the flagship of Lexus, the luxury division of Toyota.
Although Leung claimed that he had decided on the tax increase after buying the car, which he said his family needed because of the arrival of his first-born in February, news of the car purchase dealt a blow to the Hong Kong government's credibility as well as to the effectiveness of the newly-introduced Principal Officials Accountability System (POAS). Principal Officials Accountability System ( commonly referred to as the Ministerial system Overview Background After the transfer of sovereignty, Hong
Leung denied that he was trying to avoid the new tax, which would have cost him an additional HK$50,000. (USD $6,400). [1]
In view of the public outcry, he tried to defuse the controversy by donating money to the Community Chest, a local charity. The Community Chest of Hong Kong ( is an independent non-profit organisation He also submitted his resignation, which Chief Executive of Hong Kong Tung Chee-hwa refused to accept. The Chief Executive of Hong Kong ( is the head of Hong Kong Government and the principal representative of the Hong Kong. Tung Chee Hwa, GBM (born 7 July 1937 Chinese calendar --> in Shanghai, China) was the first elected The government's unwillingness to take action after the scandal broke brought into question the sincerity of Tung's commitment to establishing an accountable government.
Hong Kong's Department of Justice said in July 2003, after receiving a report from the Independent Commission Against Corruption (ICAC), that it was considering whether to charge Leung over the car controversy, which came to be known as Lexusgate. The Department of Justice ( headed by the Secretary for Justice is the department responsible for the laws of Hong Kong. The Independent Commission Against Corruption ( ICAC;; and zh-t 總督特派廉政專員公署 before 1997 of Hong Kong was established by Governor
On July 16, 2003 Leung resigned with immediate effect in the wake of mass protests over the government's handling of a controversial anti-subversion bill, having failed to reduce record high unemployment and revive battered consumer confidence. Events 622 - The beginning of the Islamic calendar. 1054 - Three Roman legates fractured relations between the Western and Year 2003 ( MMIII) was a Common year starting on Wednesday of the Gregorian calendar. Hong Kong Basic Law Article 23 is the basis (parent statute of a Security Law proposed by the Government of Hong Kong. His resignation came just hours after Secretary for Security Regina Ip said she was stepping down, for personal reasons. Regina Ip Lau Suk-yee, GBS BA MA MSc MLitt ( (born August 24, 1950 in Hong Kong with family roots in Nanhai,
On 15 December 2003, the Department of Justice announced that it was dropping the case against Leung. Events 533 - Byzantine general Belisarius defeats the Vandals, commanded by King Gelimer, at the Battle of
At the time of their resignations, Ip and Leung were seen as the most unpopular members of Tung's cabinet.
No specific reason was given for Leung's departure, but the car scandal was just one of the problems in his chequered tenure.
An interesting contrast between Leung and Ip after their departure from the government was highlighted by Beijing's apparent attitude towards them. Some central government officials invited Ip for what she called a "private visit to bid farewell". Leung, however, did not receive a similar invitation from the central government officials who used to work with him. Analysts said that this might hint at their respective chances of a political comeback, though little has been heard of either since they resigned. Henry Tang took over from Antony Leung as Financial Secretary. Biography The former textile tycoon was promoted from Secretary for Commerce Industry and Technology to Finance Secretary on 4 August 2003 replacing Antony
Because of Leung's personal network, established when he worked in the commercial sector, misunderstandings and perceived conflicts of interest sometimes occurred. For example, he was seen hob-nobbing with Li Ka Shing, the wealthiest tycoon in Hong Kong and Asia, on the golf course after he came to office. Not to be confused with Martin Lee Ka Shing, the vice-chairman of Henderson Land Development. After being criticised for this, he declared that it was merely a social chat between friends.
Quotations
When he was in office, his words sometimes were criticized by others.
- "Call me 'Ah Chung'(「阿松」) instead of the job title," on the first day he came to office.
- "It is better for the public to know how to catch fish than for the government give fish away," when he was asked whether the government planned to utilise a HKD$40 billion reserve. [1] (21/8/2001)
- "One day, when I was at my previous job, I discovered that somebody delivered Chinese soup to our office. . . We should promote creative industry. "
- He concluded the economic situation in Hong Kong as "What goes up, must come down" after the announcement of a budget. However, his choice for a Chinese idiom with a somewhat equivalent meaning ("有咁耐風流,有咁耐折墮", which roughly translates to "You will suffer for as long as you have been enjoying life") was criticised as being in poor taste.
- "It was the best of times; it was the worst of times", he adopted Charles Dickens' words in the first statement in the Address of the financial budget 2003-04
References
- How events unfolded (HK Standard, December 16, 2003)
See also
References
- ^ Currency conversion, HKD to USD. The Standard ( is an English Free newspaper of Hong Kong. It was called the Hong Kong Standard and changed to HKiMail during the Internet Politics of Hong Kong takes place in a framework of a political system dominated by People's Republic of China, its own legislature the Chief Executive Retrieved on 2007-02-15. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 590 - Khosrau II is crowned as king of Persia 1637 - Ferdinand III becomes Holy Roman Emperor
| Preceded by Donald Tsang |
Financial Secretary of Hong Kong 2001 - 2003 |
Succeeded by Henry Tang |
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