Hong Kong has a new leader and administration. Chief Executive Leung Chun-ying has been sworn into office by President Hu Jintao for a five-year term.

15 years to the day after the handover, Hong Kong's fourth-term chief executive is ready to take charge.

It's a proud day for China and the Special Administrative Region.

At the Hong Kong convention and exhibition center, President Hu Jintao administers the oath of office.

Leung Chun-ying, HKSAR 4th Chief Executive, said, "Today, I humbly take office as the fourth-term Chief Executive of the Hong Kong Special Administration Region of the People's Republic of China. During my tenure, I will fulfill the trust placed in me by the Central Government and the people of Hong Kong through policy achievements. I will spare no effort in carrying out my election platform and lead Hong Kong in "seeking change while preserving stability."

Other principal officials of the government are also sworn in.

The new administration is expected to bring new momentum for Hong Kong's development, while maintaining stability.

Leung Chun-ying emphasized common development for the Mainland and Hong Kong.

Leung Chun-ying, HKSAR 4th Chief Executive, said, "Our country has given us staunch support since Hong Kong's return to the motherland. Ample opportunities have emerged. Not only have these guided and spurred our city's development, they have also enabled us to contribute to the reform and opening-up of our nation. We will continue working tirelessly towards the betterment and prosperity of both our country and Hong Kong."

President Hu congratulated to the new chief executive and his team. He encouraged them to do their best for the region's economy.

Hu Jintao, Chinese President, said, "The central government will keep implementing the principles of 'one country, two systems, Hong Kong people administering Hong Kong', and fully support the new government to promote the long-term prosperity and stability of Hong Kong. We believe with the joint efforts of the central government, Hong Kong SAR administration, and people from all sectors of the community, the implementation of the 'one country, two systems' principle will be even more successful. Hong Kong and the Chinese mainland will achieve greater prosperity."

"The fourth term of the SAR government has officially taken office. Expectations are high and the challenges are pressing. However, with support of Hong Kong people and the central government, the new administration has expressed confidence in steering Hong Kong's future."