HONG Kong's new chief executive Leung Chun-ying today 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.

"I will spare no effort to carry out my election platform and lead Hong Kong in 'seeking change while preserving stability,'" he said.

He 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."

"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. We must also 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 the government will formulate industry policy to promote and support the pillar industries that are essential to economic development, including supporting Hong Kong enterprises operating outside Hong Kong and new industries with growth potential.

He said the preparatory task force on Economic Development Commission, Financial Services Development Council and Commission on Poverty will commence operation today.

"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.

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