Hong Kong chief highlights livelihood issues in policy address

18:47, October 13, 2010      
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Hong Kong Special Administrative Region (HKSAR) Chief Executive Donald Tsang highlighted tackling livelihood issues in the 2010-11 policy address delivered at the Legislative Council Wednesday.
"With the retreat of the economic shadow, livelihood issues are now the community's principal concerns," Tsang said in his two- hour speech, titled "Sharing Prosperity for a Caring Society".
He said housing, the wealth gap and elderly welfare drew the greatest attention.
For the past two years policies were geared to responding to the crisis triggered by the financial tsunami, and now the economy has progressively stepped out of the shadow of the global financial crisis, Tsang said in the address broadcast live.
"As the economy and society continue to progress, Hong Kong people's expectations about their own lives and about the government also change."
In the second of seven parts of his policy address, Tsang outlined the results achieved in livelihood issues and proposes initiatives for the next stage of work.
HOUSING POLICY
Tsang said housing is currently "the greatest concern" of Hong Kong people.
He said the government's housing policy will base on three principles, he said, including making sure to help the low-income group by providing public rental housing, ensuring sufficient land supply and providing quality infrastructure.
Over the past few years, Hong Kong's private housing supply has been relatively low, he said.
In September, private residential property prices rose by 20 percent year-on-year. The mortgage-to-income ratio in the second quarter was 41 percent, which, even though lower than the average ratio of 53 percent over the past 20 years, is on a rising trend.
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