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Hong Kong's financial secretary steps down

John Tsang, Hong Kong's financial secretary, has resigned from his post.

Tsang submitted his resignation Dec. 12. KC Chan, secretary for financial services and the treasury, will be acting financial secretary.

Tsang is widely expected to run for the chief executive office after Leung Chun-ying announced that he will not seek re-election in 2017, Reuters reported the same day. Tsang is currently leading popularity polls.

Carrie Lam, Hong Kong's chief secretary, and Regina Ip, a legislator and former security chief, have also expressed interest in running for the city's top post.