P R E S S   R E L E A S E

Mr Tsang joined the civil service in 1967. Over a period of more than 30 years, he has held many important positions in the government dealing with finance, trade and issues relating to the future of Hong Kong. As Deputy Secretary of the General Duties Branch between 1985 and 1989, he took part in the early stage implementation of the Sino-British Joint Declaration, paving the way for the smooth transition of Hong Kong in 1997. As Director-General of Trade (and Chief Trade Negotiator) between 1991 and 1993, Mr Tsang led Hong Kong through many tough trade negotiations, setting the stage for continuous economic growth. In May 1993, he was promoted to Secretary for the Treasury. Two years later, in September 1995, a crucial point of Hong Kong's transition, Mr Tsang became the first Chinese to assume the post of the Financial Secretary of Hong Kong. Throughout these years, he has demonstrated his devotion to public service and his commitment to work for the well-being of Hong Kong 

Mr Tsang has always managed the Government's budget with prudence and skill, eager to build a healthier and stronger financial system for Hong Kong.  Hong Kong's economy was hit by the financial crisis in Asia just months after the establishment of the Hong Kong Special Administrative Region.  Under Mr Tsang's able leadership, the territory manages to recover steadily. 

Mr Tsang's long and distinguished service in the Government is widely recognized.  He was made Knight Commander of the Order of the British Empire in 1997.  He was also presented the award of Leader of the Year in 1997 by Sing Tao Daily and the Hong Kong Standard. 

Mr Tsang has been active in promoting quality tertiary education and is a staunch supporter of The 
Chinese University of Hong Kong.  He officiated at the opening of the University's MBA Programmes Town Centre in 1997 and was the guest of honour of the 20^th Anniversary Ball of the Federation of Alumni Associations of the University in 1998.  He also participated in a forum on the 1999-2000 budget organized jointly by the Faculty of Business Administration and the Department of Economics of the University, which was extremely well-received.  Both the students and the staff have benefited from Mr Tsang's long-standing support as well as his remarkable expertise and experience.