Chief Executive Donald Tsang has hailed former Secretary for Commerce & Economic Development Frederick Ma for his commitment, perseverance, unfailing support and selfless devotion to the Government during the past six years.

In a valedictory letter to Mr Ma, Mr Tsang praised his work in leading the Government through successive years of budget deficits, coping with a deflationary environment, and reacting to the economic downturn exacerbated by the SARS outbreak.

"You should take pride in having helped the Government exercise the most rigorous financial discipline needed to ride through the storm, contributed to the economic rebound that followed and, most important, engineered the return of our books from red to black.

"Your achievements in the issuance of Government Bonds, the merger the MTRC and KCRC, the waiving of tax for offshore funds and the abolition of estate duty are particularly notable."

Happy trails: Chief Executive Donald Tsang presents a goodbye gift to Frederick Ma.

Instrumental role

The Chief Executive said Mr Ma has been instrumental in promoting and enhancing the strengths of Hong Kong as a premier capital formation centre.

The successful establishment of the Financial Reporting Council and implementation of the Deposit Protection Scheme also owed much to his decisive leadership and steer.

Mr Tsang praised his diplomacy and decisiveness in facilitating Hong Kong enterprises in Guangdong to adapt to new processing trade and labour policies, liaising with the Mainland to ensure stable supply of rice and flour and launching public consultation in relation to the competition policy.

Mr Ma's experience in the banking sector has proved to be an invaluable asset in the negotiation with the Walt Disney Company on the financial arrangement for Hong Kong Disneyland, Mr Tsang added.

Noting Mr Ma has established good relations with colleagues, Executive Council members, lawmakers, the media and other stakeholders, Mr Tsang said his humour and contribution to Hong Kong will always be remembered.