Antony Leung has resigned as Financial Secretary. Mr Leung's decision will be implemented with immediate effect.

Mr Leung said it was a good time to leave the post as the Appropriation Bill and the major revenue proposals in the Budget have been passed by the Legislative Council, SARS has been contained, and economic relaunch measures are being implemented with recovery in the most affected industries stronger than anticipated.

A third factor was the successful achievement of the Closer Economic Partnership Arrangement with the Mainland.

"I am glad that I have had the opportunity to serve the people of Hong Kong, which I have carried out in all respects with a clear conscience at all times," Mr Leung said.

"It has been my honour and privilege to have been a principal official in the Chief Executive's administration. I wish him every success in the governance of Hong Kong and the restructuring of the economy."

Chief Executive Tung Chee Hwa commended Mr Leung for helping revitalise Hong Kong's economy.

"In particular, he has made important contributions in tackling the deficit, restructuring the economy, concluding the Closer Economic Partnership Arrangement between the Mainland and Hong Kong, and relaunching Hong Kong after the SARS outbreak," he said.

"I would like to express my heartfelt thanks to Mr Leung for his service and wish him every success and happiness in the future."