Friday, 3 March 2017

John Tsang Reveals Small Details

John Tsang reveals why he quit his job as Finance Secretary under CY Leung
Now we know why John Tsang Chun-wah quit his job as Financial Secretary to run for the next Chief Executive of Hong Kong.

He finally revealed that he quit in December after he had a row with Leung Chun-ying over the government budget. Tsang said Leung wanted to multiply the amount of new money earmarked for the next few years which would result in a deficit.

Tsang had told Sing Tao Daily on Thursday that he quit because he was unhappy but did not elaborate, and that he only thought of running for CE after he quit the job.

Today he was asked again by the media why he quit, and Tsang replied: It's not about one single incident. It's accumulated over time."

Since Paul Chan Mo-po has taken over the finance post, his first budget reveals there will be a deficit thanks to many infrastructure projects. Chan also decided not to put money into the Future Fund that Tsang had set up in 2015 for rainy days, instead spending it on welfare and sports.

Interesting that Tsang gives this curious bit of information that reveals more about himself and his ex-boss. While Tsang is right to be as fiscally prudent as possible, he was quite extreme about this -- Hong Kong is much wealthier than many cities, let alone countries!

So we can expect Tsang to be fiscally conservative if he wins as the next Chief Executive?

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