Leung vows to develop sustained economy in HK

HONG KONG -- Hong Kong's new chief executive Leung Chun-ying Sunday said the new government will lead the city to develop a sustained?economy, improve people's livelihood, and build a more prosperous, progressive and righteous society.

Leung said to promote sustained and robust economic development, the foundation of Hong Kong's prosperity, "the government must assist investors and enterprises, large and small, to seize opportunities arising from our nation's and the world's economic growth."

Business and financial sectors have been the major driving forces behind Hong Kong's economic development. "We must capitalize on the opportunities to consolidate and elevate Hong Kong's status as an international financial center and help the shipping industry to restructure and upgrade," he said.

Hong Kong must fully implement all economic and trade agreements signed with mainland counterparts to expand job opportunities and development potential in the mainland for Hong Kong people, he said.

He said his government will formulate industry policy to promote and support the pillar industries, including supporting Hong Kong enterprises operating outside Hong Kong and new industries with growth potential.

The preparatory task force on Economic Development Commission, Financial Services Development Council and Commission on Poverty will commence operation on Sunday.

"They will address issues from a high-level perspective and with inter-departmental and cross-sector collaboration. We will ensure that both policy research and implementation deliver results," he said.

Making HK more livable

Leung said the new government will address the people's concern over housing that tops the list of livelihood issues.

"I believe that housing issues should be tackled through planning and supply. We need to provide more public housing and assist low-income groups to secure flats," he said, adding that public housing resources should be allocated in a fair and reasonable way to increase circulation.

"We need to increase land supply appropriately to maintain a stable property market and assist middle-income families to buy their own homes. To enhance the sense of belonging in our society and promote social mobility, we will also encourage home purchase," he said.

He said the government will formulate a long-term housing strategy, improve district planning and set up a land reserve to respond swiftly to changes in market. "This will enhance the competitiveness of Hong Kong and improve the quality of life for our people."

The chief executive said he will set up the Commission on Poverty as early as possible to review, study and systematically address the issues relating to poverty among the elderly, the working poor, cross-generational poverty, poverty affecting new immigrants and ethnic minorities, and regional poverty.

"The seven million Hong Kong people are one family. We will work to make Hong Kong a more livable city," he said.

Leung officially announced his bid for the top post of the city in November 2011, and won the elections on March 25, 2012. Three days later, China's State Council, or cabinet, appointed him as the new HKSAR chief executive.