Hong Kong Chief Executive CY Leung said Wednesday that Hong Kong needs sustained economic growth to address issues such as poverty, housing, an ageing society, environmental protection and the upward mobility of young people.

In his second policy address, Leung cited a number of factors that will support the city's further economic development, including a sound institutional framework, the rule of law, superb infrastructure, world-class entrepreneurial talent and international professional services.

"Hong Kong ranks highly in global competitiveness and benefits from the many opportunities flowing from economic development in the Asia-Pacific region, the preferential treatment accorded by our country and the momentum provided by the mainland's rapid development," he said.

He urged greater efforts in capitalizing on the city's existing advantages, strengthening cooperation with the mainland and overseas economies in every aspect and fostering diversity and robust growth in Hong Kong's industries. Endi