New HK govt to promote economy, democracy, livelihood

Chief Executive of the Hong Kong Special Administrative Region Leung Chun-ying, left, takes his oath, administered by Chinese President Hu Jintao, right, during the swearing-in ceremony of the HKSAR's fourth-term government at the Hong Kong Convention and Exhibition Center in Hong Kong, July 1, 2012. [Photo/Xinhua]

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

Leung made the pledge in his inaugural speech delivered at the swearing-in ceremony of the fourth-term government of the Hong Kong Special Administrative Region at the Hong Kong Convention and Exhibition Center.

Prior to the speech, Leung went to the podium to take his oath solemnly, which was administered by President Hu Jintao.

"I will spare no effort to carry out my election platform and lead Hong Kong in 'seeking change while preserving stability'" in the next five years, said the 58-year-old chief of the region with a population of 7 million.  

Principal officials of the HKSAR's fourth-term government take their oaths, administered by Chinese President Hu Jintao, right, during the swearing-in ceremony of the HKSAR's fourth-term government at the Hong Kong Convention and Exhibition Center in Hong Kong, July 1, 2012. [Photo/Xinhua]

Sustained economy key to future

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.