Hong Kong Financial Secretary Tsang Has Heart Attack

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Bloomberg Hong Kong Financial Secretary John Tsang, who helped steer Asia’s biggest global financial center through recession, is recovering from a heart attack after his return from the G-20 meeting in Pittsburgh. Secretary for Financial Affairs and the Treasury K.C. Chan will oversee the city’s $215 billion economy while Tsang, 58, recuperates from balloon angioplasty surgery, said a government statement today. Tsang is likely to recover fully following the procedure to clear arteries, said his doctor, Stephen Lee. “Hong Kong’s stability does not solely rely on one person,” said lawmaker Albert Ho, a member of the Legislative Council’s Finance Committee. “Hong Kong has many things systemized and no imminent crisis to deal with right now, so I’m not that worried.” Hong Kong’s economy emerged from recession in the second quarter as exports from China picked up and global stimulus spending took effect. Dependence on demand for goods and services meant the city remained vulnerable to external shocks, Tsang said earlier this month. Tsang complained of chest pains last night upon returning from the G-20 meeting, Hong Kong’s Television Broadcasts Ltd. said today. His condition is stable, Hong Kong Chief Secretary Henry Tang said in comments broadcast on local television after visiting Tsang at Queen Mary Hospital. “I just had a chat with him and he seems to be in a relaxed mood,” Tang said. “He also said he wants to return to work soon.” Stimulus Spending Tsang is in charge of the government budget, which is released in February. In his presentation this year, Tsang announced a raft of infrastructure spending and financial aid to help soften the blow of the financial crisis. He also announced tax cuts, fee waivers and more spending in May that took the stimulus package to about 5.2 percent of gross domestic product. The economy expanded 3.3 percent in the second quarter from the previous three months, following a yearlong economic contraction. Hong Kong’s benchmark stock index slumped 48 percent last year, the biggest annual drop since 1974. This year, the gauge has advanced 44 percent. The city’s stock market is the world’s fifth-biggest by market value, and gives global investors their main access to three of the world’s five most valuable companies: PetroChina Co., Industrial & Commercial Bank of China Ltd. and China Mobile Ltd. Unlike Hong Kong, most of China’s domestic stock market is closed to foreign investors. HKMA Changes Tsang’s health scare comes as the city prepares for its first new head of the Hong Kong Monetary Authority in 16 years. The government recently named Norman Chan to head the authority, effective Oct. 1, replacing Joseph Yam, who has held that post since 1993 and became Asia’s longest-serving central banker. “The incapacity of any one official won’t have much impact on the operation,” said Chim Pui-chung, a legislator who represents the financial services sector. “It’s not like there’ll be any major shift in policy direction, even if Mr. Tsang can’t return to his post.” Tsang, who began working for the government in 1982, became financial secretary in July 2007. He previously served as secretary for commerce, industry and technology. To contact the reporter on this story: Kelvin Wong in Hong Kong at kwong40@bloomberg.net This e-mail address is being protected from spambots. You need JavaScript enabled to view it