Business tycoons continue to pour praise on the outgoing chief executive for his contributions to a smooth transition of power. Li Ka-shing said Tung Chee-hwa had worked hard to engineer Hong Kong's economic recovery, and he was confident the succeeding chief executive would earn people's support. Peter Woo Kwong-ching, the Wharf Holdings chairman tipped as a contender for the post, said he was confident a government led by Donald Tsang Yam-kuen as chief executive would make contributions to Hong Kong. Mr Li, who has been a staunch Tung supporter, said: 'under his leadership we were able to build a meaningful and close economic co-operation with mainland China. 'Through his efforts, not only did the innovative 'one country, two systems' model gain international recognition, he further strengthened Hong Kong's understanding and trust of the mainland government. 'I am certain that the succeeding chief executive ... will earn the support of the Hong Kong people. I have full confidence in Hong Kong's future.' Mr Woo cited the communique of the Communist Party's 16th session last September, widely seen as Beijing's declaration it would tighten its grip over Hong Kong's governance. Maintaining the city's long-term stability and prosperity 'becomes a brand-new subject faced by the central government', he said. 'To this end, we have to commit to the principles of 'one country, two systems'... As such, for the implementation of 'one country, two systems', there would be continual evolution of new perspectives,' Mr Woo said. 'I trust [a] government led by Donald Tsang as chief executive would make solid contributions in this regard.' He congratulated Mr Tung for his 'substantial contributions of a historical nature towards Hong Kong's handover and the smooth transition of sovereignty'.