Leading businessman Peter Woo Kwong-ching yesterday ruled himself out of standing in the chief executive election in 2007. Mr Woo, who contested the first chief executive election in 1996, said: 'When I said several years ago I would not contest for the second term of Chief Executive, no one believed me. Someone asked me if I would run for the third term. I said I would not and again no one believed me - I don't have any more to say.' He said the ministerial system to be introduced in July would not lead to over-centralisation of the Chief Executive's power. 'He already has the power under the Basic Law,' he said. Mr Woo said that when he entered the race in 1996, it was because of the timing. 'Everyone who loved Hong Kong tried to make a contribution at that time. I hoped to see a smooth transition of Hong Kong.' He said he had visited more than 60 cities promoting Hong Kong in his capacity of Trade Development Council chairman in the past 18 months, but had not been asked how Hong Kong had fared since the handover. 'That was because they witnessed what had happened in Hong Kong,' he said. Mr Woo, who is due to quit his post on the Trade Development Council in October, resumed the chairmanship of Wharf Holdings on April 1. Earlier this month he leapt to the defence of the ministerial system on the eve of a formal announcement of the detailed blueprint by Chief Executive Tung Chee-hwa to legislators.