Latest update: Chief Executive Donald Tsang briefs President Hu Jintao on Hong Kong's latest situation.

President Hu Jintao has recognised the Government's efforts in maintaining Hong Kong's economic stability amid the global financial crisis and its future policy direction.

Speaking after meeting Mr Hu in Singapore today, Chief Executive Donald Tsang said the president hoped Hong Kong officials will continue to monitor the changes in international markets and economic uncertainties.

The Government should formulate a strategy for possible changes and continue to develop the city's economy, improve people's livelihood, and maintain the city's prosperity and stability, the president added.

Thanking the Central Government for its support during the fiscal crisis, Mr Tsang said President Hu is aware of the recent improvement in Hong Kong's economy.

When asked whether they had discussed issues relating to the property bubble, the Chief Executive said their discussion focused on general issues and did not go into specific matters. Reiterating the Government has kept a close eye on the real estate market, Mr Tsang said appropriate measures will be introduced if necessary.

On constitutional development, he said the Government's top priority is to formulate a balanced proposal for changing the 2012 electoral arrangements, adding it is essential to implementing universal suffrage in 2017 and 2020.

The consultation on the 2012 electoral arrangements will start soon and he will do his best to include all sectors' views in the consultation document.

Noting the Government will conduct the consultation exercise with great sincerity, Mr Tsang urged people and political parties to adopt an open and sensible attitude towards the issue and try their best to reach a social consensus.