Chief Executive CY Leung says he wants Hong Kong to make the best of the opportunities it has to ensure a better life for its citizens.
Delivering his 2016 Policy Address today, Mr Leung said his administration has focused its efforts on promoting democracy and boosting the economy.
"We have also risen to the challenge and strived to pragmatically address livelihood issues such as housing, elderly care, poverty, support for the disadvantaged and environmental protection."
Despite the weak external environment, he said Hong Kong has achieved moderate economic growth and the Government has recorded satisfactory revenue in the past three years.
In 2014-15, profits tax and salaries tax both reached new highs, so the Government has been implementing initiatives to improve people’s living quality.
"We have devoted considerable effort and substantial resources to poverty alleviation, elderly care and support for the disadvantaged, which has enabled the underprivileged to live with dignity and helped foster harmony in the community."
He said work to develop and increase land supply has started delivering results.
"Property and rental prices have started to fall, and we can see the first glimmer of hope for solving the housing problem."
Hong Kong’s living environment, in particular air quality and water quality in the harbour, is improving gradually, he said.
"They demonstrate the resolve and perseverance of the Government of the Hong Kong Special Administrative Region in addressing livelihood issues and show effectiveness of our policies."
This year marks the start of the National 13th Five-Year Plan and the implementation of the Belt & Road Initiative, as well as the launch of various innovation and technology initiatives. He said it will be a year of significant opportunities for Hong Kong’s future.
"Taking forward plans in hand, all Government departments will be heavily engaged in their work. The Government is determined to join different sectors to seize these rare opportunities that will provide fresh impetus to our long-term economic and social development."
However, he warned that the global economy still faces immense challenges.
"To overcome the obstacles ahead, our society has a greater need for harmony and solidarity. Together we will strive for a better life for Hong Kong people. We will give our young people more career choices and better opportunities for upward mobility. Joining hands, we will be able to chalk up even greater achievements for Hong Kong."
