Hong Kong chief secretary Henry Tang has stepped down from his post, fueling speculation that he will mount a bid to become the territory's next chief executive.

Tang is believed to be Beijing's preferred candidate to succeed current chief executive Donald Tsang when he steps down in June. But Tang told reporters Wednesday that he is not taking the idea of becoming the territory's next leader lightly.

Tang was highly criticized over the heavy security measures taken during Chinese Vice Premier Li Keqiang's visit last month, and his dismissal of the complaints as “complete rubbish.”

If he decides to run, Tang will face competition from Leung Chun-ying, a veteran Hong Kong politician who currently sits on the territory's executive council.

A 1,200-member election committee stacked with Beijing loyalists will choose Mr. Tsang's successor in March.