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Hong Kong finance chief to stay under new chief executive

Incoming Hong Kong Chief Executive John Lee will retain Financial Secretary Paul Chan as he opts for stability to bolster business confidence in the struggling Asian financial hub. The 67-year-old Chan was appointed financial secretary by Beijing in January 2017. His most recent measures included distributing HKD102.4bn in consumption vouchers for two consecutive years to prop up growth as businesses shuttered and unemployment climbed. He also raised stock trading stamp duty last year for the first time since 1993, a surprise move to shore up government finances that shook markets. Lee and his executives will all take office on July 1, when Hong Kong marks the 25th anniversary of its handover from Britain. Chinese President Xi Jinping is expected to attend Lee’s swearing-in ceremony in Hong Kong.

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