HONG KONG - Hong Kong Special Administrative Region Chief Executive CY Leung delivered his first policy address on Wednesday morning at the Legislative Council in Hong Kong, outlining the city government's policy direction in 2013.

"My team and I have taken expeditious actions to address the most pressing needs of the community," Leung said in the annual policy address entitled "Seek change, maintain stability, serve the people with pragmatism" which was live broadcast to Hong Kong 's 7.1 million people.

Leung summarized that on the fronts of economy, housing and people's livelihood, the government has set up task forces, introduced new measures and undertaken a variety of initiatives to help the needed.

"These examples demonstrate the determination of the current-term Government, with the support of our civil servants, to meet public aspirations as promptly as possible," he said.

According to Leung, the Hong Kong government must be "appropriately proactive" to promote economic development. The government should refrain from intervention when the market is functioning efficiently, but the government must take appropriate action to address the problem in cases of market failure.

Addressing housing need

To address the housing need, Leung said the government is "determined to uphold the principle of assisting grassroots families in moving into public housing and the middle-income families in buying their own homes."

Leung said the government will increase the supply of Subsidized Housing in short-to-medium term.

The report set the goal of Public Rental Housing (PRH) supply as at least 100,000 units over the five years starting from 2018. Besides, more subsidized houses are to be built and the first batch of 2,100 new Home Ownership Scheme flats will be offered for pre-sale next year, he announced.

Related Readings

Hong Kong now mainland's 4th-largest trade partner

Rule OKs loans from Hong Kong to Qianhai

Mainland firms cash in on Hong Kong IPOs

Christmas Wedding Expo closes in Hong Kong

HK to enhance economic ties with mainland