"I believe Hong Kong has the ability to cope with not only regional but also international competition and risks," Wen said.

Confronted by a complex external environment, Hong Kong needs to be mindful of potential perils and make the most of good advantages to meet the challenges head-on, Wen said.

He said Hong Kong should pay close attention to three things.

Firstly, Hong Kong should have a long-term and scientific development plan. Secondly, Hong Kong should attach great importance to addressing those underlying problems in its economic and social development. Thirdly, Hong Kong should work hard to improve the people's well being.

Meanwhile, Wen said Hong Kong should pay close attention to the development of education and science and technologies, so as to sustain the momentum of its future development.

He said that Hong Kong should further develop its service sector, including financial services and tourism, and further develop those small innovative high-tech enterprises, so as to create more jobs.

With sufficient government revenue and ample foreign exchange reserves, Hong Kong needs to make the most of the favorable conditions to improve its social safety net, in particular, to take good care of the vulnerable groups, thus making people in Hong Kong live a better life, Wen said.