Chief Executive of the Hong Kong Special Administrative Region Leung Chun-ying addresses the swearing-in ceremony of the fourth-term government of the HKSAR, at the Hong Kong Convention and Exhibition Center in Hong Kong, July 1, 2012. [Photo/Xinhuanet]

HONG KONG - Hong Kong Chief Executive Leung Chun-ying said Wednesday that Hong Kong should stay alert in face of opportunities on economic and constitutional development.

While delivering his third policy address since he was sworn in on July 1, 2012, Lueng underlined the rule of law and emphasized to seize opportunities, make the right choices to pursue democracy, boost economy and improve people's livelihood.

On constitutional development, Leung said that by adhering strictly to the Basic Law and the Decision of the Standing Committee of the National People' Congress (NPCSC) on Issues Relating to the Selection of the Chief Executive of the Hong Kong Special Administrative Region by Universal Suffrage and the Method for Forming the Legislative Council of the Hong Kong Special Administrative Region in the Year 2016, for the first time in Hong Kong's history, five million eligible voters will be able to select the chief executive by universal suffrage in 2017. "This is a big step forward for Hong Kong's democratic development."

The chief executive stressed that Hong Kong people have to be wary of suggestions that deviate from the Basic Law. Hong Kong's autonomy under "One Country, Two Systems" is a high degree of autonomy, not an absolute autonomy. It is a high degree of autonomy specifically provided for in the Basic Law, not one based on any arbitrary interpretation.