Antony Leung Kam-chung GBS JP (梁錦松, Pinyin: Liáng Jǐnsōng, born 1952 in Hong Kong) was the former Financial Secretary of the Hong Kong Special Administrative Region (HKSAR). the former financial secretary of Hong Kong, Antony Leung File links The following pages link to this file: Antony Leung ... The modern Hong Kong honours system was created by the Hong Kong Special Administrative Region (SAR) Government after the handover of Hong Kong to China in 1997. ... A Justice of the Peace (JP) is a magistrate appointed by a commission to keep the peace, dispense summary justice and deal with local administrative applications in common law jurisdictions. ... Pinyin (拼音, pÄ«nyÄ«n) literally means join (together) sounds (a less literal translation being phoneticize, spell or transcription) in Chinese and usually refers to HànyÇ” PÄ«nyÄ«n (汉语拼音, literal meaning: Han language pinyin), which is a system of romanization (phonemic notation and transcription to Roman script) for Standard Mandarin. ... 1952 was a leap year starting on Tuesday (link will take you to calendar). ... A Special Administrative Region (SAR) (Simplified Chinese: 特别行政区; Traditional Chinese: 特別行政區; pinyin: tèbié xíngzhèngqÅ«; Cantonese IPA: /tɐk6piːt6 hɐŋ4tsɪŋ3kʰɵy1/; Jyutping: dak6bit6 hang4zing3keoi1; Yale: dahkbiht hàhngjingkeÅ«i) is a political subdivision of the Peoples Republic of China. ...

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. 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. May 1 is the 121st day of the year in the Gregorian calendar (122nd in leap years). ... 2001: A Space Odyssey. ...

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. ... 1996 is a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ...

He oversaw the Asia-Pacific operation of J.P. Morgan Chase & Co., which became the No.2 U.S. bank when commercial bank Chase Manhattan bought Wall Street investment firm J.P.Morgan in 2000. But he was relocated to Singapore right before he resigned from the post. JPMorgan Chase & Co. ... For other uses, see Wall Street (disambiguation). ... John Pierpont Morgan (April 17, 1837 – March 31, 1913), American financier and banker, was born in Hartford, Connecticut, a son of Junius Spencer Morgan (1813–1890), who was a partner of George Peabody and the founder of the house of J. S. Morgan & Co. ... This article is about the year 2000. ...

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. Citibank was founded in 1812 as City Bank of New York. ... Midtown Manhattan, looking north from the Empire State Building, 2005 New York City (officially named the City of New York) is the most populous city in the state of New York and the entire United States. ... REPUBLIC OF THE PHILIPPINES City of Manila Region: National Capital Region Province: — Dates: Founded—June 24, 1571 Cityhood—June 10, 1574 Population: 2000 census—1,581,082 Density—41,014 per km² Area: 38. ...

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. Legislative Council Building The Legislative Council of Hong Kong (立法會, abbreviated LegCo) is the legislature of the Hong Kong Special Administrative Region of the Peoples Republic of China. ... Home Ownership Scheme (居者有其屋計劃), is a housing programme in Hong Kong, selling of apartment flats at a price lower than the market, with subsidies on the land value by the government. ...

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. Although a more conservative figure than Tsang, he nevertheless had his share of media limelight. Donald Tsang Yam Kuen GBM JP KBE (Chinese: 曾蔭權, born 1944) is currently the Chief Executive of Hong Kong and former career civil servant. ...

Leung's marriage to Chinese Olympic diving queen Fu Mingxia in July 2002 had Hong Kong's paparazzi in a frenzy. This was Leung's second marriage and their first 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. Fu Mingxia (Chinese: 伏明霞, pinyin: Fú Míngxiá) was born on August 16, 1978 in Wuhan, Hubei Province, China. ... Paparazzi is a plural term for photographers who take candid photographs of celebrities, usually by relentlessly shadowing them in public and private activities. ...

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. 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. He received an honorary Doctor of Laws at The Hong Kong University of Science and Technology in 1998. Anglo-Chinese College (now known as 英華書院 or Ying Wa College) was the worlds first Anglo-Chinese school. ... The social sciences are a group of academic disciplines that study the human aspects of the world. ... The University of Hong Kong (HKU) (Traditional Chinese: 香港大學; Simplified Chinese: 香港大学; pinyin: XiānggÇŽng Dàxué) is an English-language medium university and the oldest tertiary institution in Hong Kong SAR. Its motto is the Latin phrase Sapientia et Virtus (明德格物), meaning wisdom and virtue or sometimes cited as Foresight & Social... Harvard Business School Harvard Business School (HBS) is one of the graduate schools of Harvard University, and is one of the worlds leading management schools. ... 1982 is a common year starting on Friday of the Gregorian calendar. ... 1999 is a common year starting on Friday Anno Domini (or the Current Era), and was designated the International Year of Older Persons by the United Nations. ... The idyllic HKUST campus is built on a steep hillside overlooking the South China Sea. ...

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. About 10 special features were applied to the new notes. The Hong Kong Dollar is the official currency of the Hong Kong Special Administrative Region of the Peoples Republic of China. ... The Hong Kong Monetary Authority (HKMA) is a government authority founded on 1 April 1993 in Hong Kong from the consolidation of the Office of the Exchange Fund and the Office of the Commissioner of Banking. ...

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.

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. This article is about the rock band. ...

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 Closer Economic Partnership Arrangement (CEPA) is an economic agreement between the Hong Kong SAR government and the Peoples Republic of China central government, signed on June 29, 2003. ...

The Lexusgate scandal

Leung began to come 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. 2003 is a common year starting on Wednesday of the Gregorian calendar. ... 2002 Lexus LS 430 1999 Lexus LS 400 Lexus LS (sold as the LS 400 and LS 430 and in Japan as the Toyota Celsior) is a Japanese rear wheel drive luxury car with a V8 engine. ...

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, a daughter, 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 (often abbreviated to POAS) was introduced by Hong Kong Chief Executive Tung Chee Hwa in July 2002, the beginning of his second term, as part of his government reform programme. ...

Leung denied that he was trying to avoid the new tax, which would have cost him an additional HK$50,000.

In view of the public outcry, he tried to diffuse the controversy by donating money to the Community Chest, a local charity. He also submitted his resignation, which Chief Executive of Hong Kong Tung Chee-hwa refused to accept. 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. Established on 8 November 1968, the Community Chest is an independent, non-profit making organisation based in Hong Kong. ... The Chief Executive of the Hong Kong Special Administrative Region (Chinese: 香港特別行政區行政長官 pinyin (forMandarin Chinese pronounciation): XiānggÇŽng Tèbié XíngzhèngqÅ« Xíngzhèng Zhangguān) is the head of the Hong Kong Special Administrative Region of the Peoples Republic of China, and represents the Region. ... Tung Chee-hwa (Traditional Chinese: 董建華 Simplified Chinese: 董建华 Pinyin: Dǒng Jiànhuá) (born July 7, 1937, or the 29th day of the fifth month in the Chinese calendar) is the first Chief Executive of the Hong Kong Special Administrative Region of the Peoples Republic of China (PRC). ...

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. This department replaced the former Legal Department (律政司) of the colonial government of Hong Kong. ... The Independent Commission Against Corruption (ICAC) was formed on 15 February 1974 to clean up endemic corruption in Hong Kong government and in particular, the Royal Hong Kong Police Force. ... Antony Leung Kam-chung (梁錦松, Pinyin: Liáng Jǐnsōng, born 1952 in Hong Kong) was the former Financial Secretary of the Hong Kong Special Administrative Region (HKSAR). ...

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. His resignation came just hours after Secretary for Security Regina Ip also said she was stepping down, citing personal reasons. July 16 is the 197th day (198th in leap years) of the year in the Gregorian Calendar, with 168 days remaining. ... 2003 is 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 Hong Kong Government. ... Regina Ip Regina Ip Lau Suk-yee (葉劉淑儀) is a formerly prominent government official of the Hong Kong Special Administrative Region (HKSAR). ...

On 15 December 2003, the Department of Justice announced that it was dropping the case against Leung. December 15 is the 349th day of the year (350th in leap years) in the Gregorian calendar. ...

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.   Beijing? (Chinese: 北京; pinyin: ; Wade-Giles: Pei-ching; Postal System Pinyin: Peking) is the capital of the Peoples Republic of China (PRC). ...

Henry Tang (born 1953) took over from Antony Leung as Financial Secretary. Tang comes from a family of textile tycoons, who came to Hong Kong after fleeing Communism in Mainland in the late 1940s. Tang was previously Hong Kong's Secretary for Commerce, Industry and Technology. The Honourable Henry Tang Ying Yen GBS JP (Chinese 唐英年) (born 1953) is the Financial Secretary & Acting Chief Executive of Hong Kong SAR. He is an avowed free-market capitalist who believes in minimal government economic meddling. ... *This article is about communism; a form of society. ... In this map of China, the light-coloured areas represent Mainland China, while yellow coloured area refers to Taiwan. ...

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 Mr. Li Ka Shing, one of the wealthiest tycoons in Hong Kong, on the golf course after he came to office. 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 an equivalent meaning was criticised as being in poor taste.
• "This is the best of times, this is the worst of times", he adopted Charles Dickens' words in the first statement in the Address of the financial budget 2003-04
• "有咁耐風流,有咁耐折墮" - It was believed that he wanted to say "What goes up must come down". However, this Cantonese expression is said to be meant to rebuke Hong Kong citizens.

See also

• Politics of Hong Kong

On July 1, 1997, the Peoples Republic of China (PRC) resumed its exercise of sovereignty over Hong Kong, ending more than 150 years of British colonial control. ...

Donald Tsang Yam Kuen GBM JP KBE (Chinese: 曾蔭權, born 1944) is currently the Chief Executive of Hong Kong and former career civil servant. ... Financial Secretary, often abbreviated as FS, is a position of the Hong Kong Government. ... The Honourable Henry Tang Ying Yen GBS JP (Chinese 唐英年) (born 1953) is the Financial Secretary & Acting Chief Executive of Hong Kong SAR. He is an avowed free-market capitalist who believes in minimal government economic meddling. ...