HONG KONG - 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 to capitalize on the city's existing advantages, strengthen cooperation with the mainland and overseas economies in every aspect and foster diversity and robust growth in Hong Kong's industries.

Financial services industry is one of the pillars of Hong Kong's economy. Apart from directly creating 230,000 jobs in Hong Kong and contributing 16 percent of the city's gross domestic product, the financial services industry provides a catalyst for the growth of related sectors such as professional and commercial services, according to Leung.

With regard to trade, he said the government will consider increasing the number of Hong Kong Economic and Trade Offices in Asia to strengthen liaison work and tap new markets.