He pointed out that taking the continuous economic development and full employment in recent years for granted, some people, however, have underestimated the importance of economic growth. This calls for vigilance as people's livelihood depends on the economy, and fostering economic development is vital to improving people's livelihood.

HK possesses qualities to become 'int'l maritime services hub'

While delivering his policy address at the Legislative Council, Leung said the total gross tonnage of vessels on the Hong Kong Shipping Register is the fourth-largest in the world. "With the continuous expansion of our country's maritime and shipbuilding industries, our maritime services sector has enormous potential for growth."

Leung said Hong Kong is well positioned to serve as a springboard for mainland maritime companies looking to "go global, " as well as a platform for international maritime companies to tap the mainland market.

He said the government will continue to take forward the establishment of a new maritime body to promote Hong Kong's maritime services industry. Meanwhile, the government will enhance the functions of the Hong Kong Maritime Industry Council to step up its efforts to foster the development of the industry and nurture talent, especially in high-end professional maritime services.

In the coming year, the government will launch promotional events overseas and in the mainland to attract more high value- added maritime services companies to cluster in Hong Kong, he said.

The chief executive also mentioned that driven by economic growth, the aviation industry in the mainland has seen rapid development in recent years. To grasp this market opportunity, the government is studying the development of Hong Kong's aerospace financing business so as to strengthen Hong Kong's status as an international aviation and financial center.