The Chief Executive's 2008-09 Policy Address is reassuring, pragmatic and forward-looking, setting out the right strategy in these challenging times, Chief Secretary Henry Tang says.

Speaking after the delivery of the address today Mr Tang said it has positively addressed the community's concerns over a wide range of livelihood, environment and governance issues, and has proposed concrete measures with timetables.

Right direction: Chief Secretary Henry Tang, Financial Secretary John Tsang and Executive Council Convenor Leung Chun-ying back the 2008-09 Policy Address.

Noting Hong Kong is facing immense challenges and uncertainties brought about by the global financial turmoil, he said challenges will be turned into opportunities to enhance the city's financial system and to look for new breakthroughs.

"It would take the joint determination and confidence of everybody in the community to overcome the challenges of this turmoil. The Chief Executive and the Government are determined to work with the community," Mr Tang said.

Financial Secretary John Tsang and Executive Council Convenor Leung Chun-ying also hailed the address as a comprehensive and far-sighted blueprint, particularly in the face of the uncertainties arising from the global financial situation.

Mr Leung said the address is well worth the community's support saying the Chief Executive has outlined specific plans on economic development and ways to ride out the financial storm, and addresses livelihood issues for the grassroots and remote communities.