Hong Kong Special Administrative Region (HKSAR) received Saturday afternoon a State Council decree which approved Tung Chee Hwa's resignation from the post of chief executive.   

Hong Kong's acting Chief Executive Donald Tsang attends a news conference at the Hong Kong government headquarters, March 12, 2005. Hong Kong interim leader Tsang said on Saturday that elections will be held on July 10 to select the city's next chief executive, following the resignation of Tung Chee-hwa. (Reuters photo) 

Acting Chief Executive and Administrative Secretary Donald Tsang immediately began to assume the duties of the Chief Executive of HKSAR.

Donald Tsang held a press conference Saturday evening. He praised Tung Chee Hwa for his contribution to maintaining Hong Kong's smooth transfer, implementation of "One Country, Two Systems" and pushing ahead with the restructuring of Hong Kong's economy.

He said he has invited all the members of the Executive Council and the principal officials to remain in office and they have accepted the invitation.

Tsang said the Hong Kong Special Administrative Region government will continue to maintain the smooth and stable operation, maintain good security and social order and guarantee the interest of investors.

As for the arrangements for the selection of the new Chief Executive, he said the selection for the new Chief Executive will be held on July 10 according to law.

Tsang said according the Basic Law, the term of office of the selected new Chief Executive will be the remaining period of the second-term Chief Executive.

He said, by the year of 2007, the new Chief Executive will be selected according to new methods.

Tsang called on Hong Kong people from all walks of life to be united and treasure the present situation of economic recovery and jointly maintain the stability and development of Hong Kong.

Editor: Olivia