Leung Chun-ying went to the podium to take his oath solemnly Sunday morning as the Chief Executive of the fourth-term government of the Hong Kong Special Administrative Region at the Hong Kong Convention and Exhibition Center.

Leung Chun-ying delivered his inaugural speech at the swearing-in ceremony of the fourth-term government of the Hong Kong Special Administrative Region.

Leung said in his inaugural speech that 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.

Prior to the speech, Leung went to the podium to take his oath solemnly, which was administered by President Hu Jintao.

"I will spare no effort to carry out my election platform and lead Hong Kong in 'seeking change while preserving stability'" in the next five years, said the 58-year-old chief of the region with a population of 7 million.

Sustained economy key to future

Leung 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."

Business and financial sectors have been the major driving forces behind Hong Kong's economic development. "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," he said.

Hong Kong must 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 his government will formulate industry policy to promote and support the pillar industries, including supporting Hong Kong enterprises operating outside Hong Kong and new industries with growth potential.

The preparatory task force on Economic Development Commission, Financial Services Development Council and Commission on Poverty will commence operation on Sunday.

"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.

Safeguarding HK's core value

Leung promised that the new government will strive to safeguard the rule of law, clean government, freedom and democracy.

"I will honor the pledges I have made - to uphold justice, protect the rights of the people, safeguard the rule of law, clean government, freedom and democracy which are amongst the core values of Hong Kong, and take an inclusive approach towards different opinions and views," he said in the speech broadcast live.

He acknowledged that the Hong Kong society faces many challenges.

"We need to stand united, face different views with an inclusive attitude. I believe that we can resolve the conflicts that exist in our society and the clashes that may arise from different values or political ideologies. We need to listen, and be inclusive and patient in seeking a consensus."

"I will do my utmost to safeguard human rights and make sure that press freedom and the independence of the media are respected, " he said.

The new government will continue to uphold the concept of "one country, two systems" and the principle of "Hong Kong people administering Hong Kong" with a high degree of autonomy, he said, stressing the need to properly address the relationship between " one country" and "two systems."

The chief executive said he will promote the development of a democratic political system in accordance with the provisions of the Basic Law and the relevant decisions of the Standing Committee of the National People's Congress, China's top legislative body.

"I will further develop the political appointment and accountability system to enhance the efficiency of the government. I will also build a service-oriented government, establish partnership with the people and encourage public engagement to draw energy from every corner of our community," he said.

Making HK more livable

Leung said the new government will address the people's concern over housing that tops the list of livelihood issues.

"I believe that housing issues should be tackled through planning and supply. We need to provide more public housing and assist low-income groups to secure flats," he said, adding that public housing resources should be allocated in a fair and reasonable way to increase circulation.

"We need to increase land supply appropriately to maintain a stable property market and assist middle-income families to buy their own homes. To enhance the sense of belonging in our society and promote social mobility, we will also encourage home purchase, " he said.

He said the government will formulate a long-term housing strategy, improve district planning and set up a land reserve to respond swiftly to changes in market. "This will enhance the competitiveness of Hong Kong and improve the quality of life for our people."

The chief executive said he will set up the Commission on Poverty as early as possible to review, study and systematically address the issues relating to poverty among the elderly, the working poor, cross-generational poverty, poverty affecting new immigrants and ethnic minorities, and regional poverty.

"The seven million Hong Kong people are one family. We will work to make Hong Kong a more livable city," he said.

Leung officially announced his bid for the top post of the city in November 2011, and won the elections on March 25, 2012. Three days later, China's State Council, or cabinet, appointed him as the new HKSAR chief executive.