President Hu Jintao delivers a speech at the swearing-in ceremony of the fourth-term government of the Hong Kong Special Administrative Region in Hong Kong, July 1, 2012. [Photo/Xinhuanet]

President Hu Jintao Sunday urged the new government of the Hong Kong Special Administrative Region and Hong Kong people to enhance competitiveness during the next five years as he addressed the inauguration ceremony of the new SAR government.

As the SAR's fourth-term government swore in Sunday morning, Hu, addressing the inauguration ceremony, said the next five years are of great significance to Hong Kong's long-term development and will be a period of important opportunities which Hong Kong must seize and take advantage of.

Hong Kong must work hard to increase its competitiveness if it is to win in the increasingly intense regional and international competition, Hu said.

Hong Kong must have a better strategic planning for its long-term development, update its development concepts, foster new economic growth points and have a thorough understanding of the profound changes in the global economic landscape, according to Hu.

The President also urged Hong Kong to make full use of its extensive international reach and its advantages in other areas and grasp critical opportunities for development, while at the same time taking advantage of the vigorous economic development on the mainland to expand and deepen its exchanges and cooperation with the mainland.

Hu also urged Hong Kong under the new government to uphold the authority of the Basic Law.

"It is essential to put into practice and every provision of the Basic Law and improve the institutions and mechanisms related to the implementation of the Basic Law," said Hu.