Hong Kong Chief Executive, Mr Donald Tsang, said that Hong Kong people's resilience will help the city emerge stronger from the current global financial tsunami.

In his 2008-2009 Policy Address, entitled “Embracing New Challenges”, Mr Tsang said that Hong Kong would turn the current crisis into opportunities by vigorously pursuing economic development in areas such as financial services, cross-boundary integration, infrastructure projects, creative industries and scientific research.

The Chief Executive said he would establish and chair a task force to assess the impact of the financial crisis on Hong Kong's economy, and propose specific options for the Government and business community to address the challenges.

"This will help us overcome the crisis, turn it into new business opportunities and enhance our competitiveness," he said in his Policy Address.

Mr Tsang said the Government would continue to help people ride out the current difficulties, protect public interests and help everyone to progress.

There would also be greater efforts to improve the living environment, to directly engage the public, and to boost co-operation with the new Legislative Council.

Mr Tsang said good progress had been made implementing the major infrastructure projects and initiatives outlined in the 2007-2008 Policy Address.

Hong Kong Chief Executive, Mr Donald Tsang, announced new initiatives to upgrade the quality of life in Hong Kong in his 2008-2009 Policy Address on October 15, 2008.

Mr Tsang said Hong Kong residents felt that a quality living environment – which covered air quality, living space, cultural infrastructure and heritage conservation – was just as important as economic development.

"Over the past two decades, Hong Kong has transformed from a manufacturing base into a services-based economy," he said in his Policy Address entitled "Embracing New Opportunities".

"Such a transformation has impacted on urban planning, and set the stage for us to re-examine ways to beautify our cityscape and upgrade the quality of life to make Hong Kong an ideal home."

Mr Tsang said a consensus had been reached with Guangdong to jointly transform the Pearl River Delta Region into a green and quality living area under the principle of promoting environmental protection and sustainable development.

He said Hong Kong and Guangdong would jointly work to achieve this objective in areas such as post-2010 emissions reductions, optimisation of fuel mix for power generation, wider use of renewable energy, vehicle emission reductions, enhanced conservation and greening and scientific research.