• China unveils new top officials in Hong Kong under incoming leader John Lee.
• Lee will be sworn in to replace Chief Executive Carrie Lam on July 1.
• Finance Secretary Paul Chan, free of U.S. sanctions; is to retain his post in the Chinese-ruled territory.

On July 1, former Hong Kong deputy leader John Lee will be sworn in as the new Chief Executive.

On Sunday, China unveiled new top officials in Hong Kong under incoming leader John Lee; who promised to take the global financial hub to new heights while dismissing concerns about US sanctions against him.

Finance Secretary Paul Chan, who is not subject to US sanctions; will keep his post in the Chinese-ruled territory, providing reassurance to the financial industry; which had been watching the appointment closely.

Read More: China is confident about 2022 foreign trade

Paul Lam will replace Teresa Cheng as Hong Kong’s new justice secretary; while Eric Chan will become the territory’s new chief secretary, or No. 2 official.

On July 1, a day after Carrie Lam’s five-year term ends, Lee; the former deputy leader of Hong Kong; will be sworn in as the new Chief Executive.

Read More: China-Russia trade up 28.9% in January-May