Hong Kong's Chief Executive CY Leung says for the remainder of his term in office the regional government will continue to focus on developing Hong Kong's economy and improving people's livelihoods.

Hong Kong's Chief Executive Leung Chun-ying answers questions during a session of Legislative Council in Hong Kong, south China, May 22, 2014. [Photo: Xinhua/Wong Pun Keung]

Leung says the regional government increased land supply in the property market last year and, as a result, the number of homes available for buyers in the next year will hit a ten-year high.

"The number of built homes will be 72 percent higher than the average amount in the past ten years. We hope this can alleviate the long-time shortage in home supply and the Hong Kong Special Administrative Region government will continue its effort in increasing the land supply."

Announcing his 2015 policy address, the Chief Executive also reviewed several projects that the SAR government has achieved last year, including the launch of Shanghai-Hong Kong Stock Connect, the liberation of trade in services between the Hong Kong and Guangdong, and the decision to build a new runway at the Hong Kong International Airport.

He further calls on the city's legislators to cooperate with the regional government in policy-making.

"A few legislators used filibuster, or marathon speeches, at Legislative Council meetings to delay the SAR government's policies in developing the economy and improving people's living standards. It cost huge losses to the society. Some politicians' actions went too radical recently. I believe this is not benefiting Hong Kong society."

Hong Kong's legislative council last week vetoed the motion proposing universal suffrage in 2017, meaning the next Chief Executive will not be selected under a "one-person, one-vote" system.

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