Hong Kong's new chief executive Leung Chun-ying Sunday said the new government will lead the city to develop the economy, improve people's livelihood, promote democracy and build a more prosperous, progressive and righteous society.

Leung made the pledge in his inaugural speech delivered at the swearing-in ceremony of the fourth-term government of the Hong Kong Special Administrative Region.

"I will spare no effort to carry out my election platform and lead Hong Kong in 'seeking change while preserving stability,'" he said.