Where former finance chief Antony Leung Kam-chung moved to raise billions in new revenue, his successor offered us the personalised car registration plate. Where Mr Leung began by quoting from A Tale of Two Cities, Henry Tang opened by simply telling us what a challenging year 2003 had been for the city.

Last year, we were looking to the banker with a playboy reputation to fix a yawning budget deficit, and he worked hard to sell the sacrifices that were required. This year, the uncontroversial Mr Tang gave us anything but a show.

His mother and wife were in the gallery, as were colleagues in the Tung cabinet. But Mr Tang barely glanced up as he delivered his 90-minute speech. He made the mildest of cases for a goods and services tax. He told us about how good mainland ties have been for Hong Kong. His main new spending proposal was a $250 million fund for promoting Hong Kong's designers and brands.

As for levity, he got the biggest reaction from his audience by beginning to talk about a reduction in taxes on alcohol. Mr Tang is a wine aficionado with one of the best cellars in Hong Kong. He argued that such a reduction would stimulate the economy, bring employment and enhance Hong Kong's reputation as an international city - only to say that the matter will be kept under review.

With this speech the public had a chance to see more of Mr Tang's style than ever before. People will be watching not just for signs of where the economy is headed. They will be watching for signs of how Mr Tang might lead if he reaches the office of chief executive, something long reported to be in his sights.

The picture that emerged yesterday was of a methodical, consensus-seeking policymaker. Since he took office, we have heard little from Mr Tang, other than when he emerged to set back the deadline for balancing the budget, from 2006-07 to 2008-09. The man we saw in the Legislative Council chambers was not especially charming, nor was he trying hard to be. His budget centred on extending programmes already in existence, while his expenditure forecasts certainly give civil servants nothing to worry about.

The biggest policy initiative in Mr Tang's speech was the proposed goods and services tax. To put it in place, he would need to overcome objections from populist politicians, and perhaps a good deal of the middle class. But if yesterday's speech is anything to go by, Mr Tang is in no hurry - and he would prefer to work behind the scenes to get it done.

The cautiousness is in keeping with Mr Tang's conservative personality and working style. It will also do nothing to cool speculation that he has his eye on the city's highest office. With this unambitious budget, Mr Tang may well be revealing himself to be man of ambition.

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