HONG KONG, Jan. 12 (Xinhuanet) -- Hong Kong chief executive Tung Chee Hwa will focus on improving the economy and the livelihood while maintaining social stability in his eighth policy address Wednesday, said local media and experts.

    Wednesday's South China Morning Post quoted sources as saying that while tackling poverty would be among Tung's top priorities, his main focus would remain economic development amid the city's rebound from economic downturn.

    "His speech this year will seek to deepen and expand on the existing foundation. There is no need for new economic thinking," said one source.

    Urban renewal, with a view to creating jobs, and attracting foreign talent and investment will also be a focus of this year's speech, sources said.

    The chief executive's top adviser, Professor Lau Siu-kai, said that stability was the prerequisite for development. One of the major targets of the government in the next 30 months, he said, was to reduce social conflicts.

    The government will not raise contentious policies, said the Central Policy Unit head. It will only initiate policies that havealready been widely discussed, and explain whether it can proceed.This is to show the government's willingness to address public opinion.

    Lau said Tung was keen to give a clear picture of his policy agenda in the next two-and-a-half years: Let people know what is going to happen and what is not going to happen.

    "We hope this will provide a clear environment," said Lau.

    Professor Anthony Cheung Bing-leung, an expert in public administration studies from Hong Kong City University, said that with the overall economic climate improving, the government could do more to help low-income groups, the poor, the elderly and children in welfare-recipient families.

    "This will show that more people can have their share of the fruit of economic recovery," said Cheung.

    The Standard said Wednesday that piecemeal changes will be madeto the welfare system, such as the extension of the "off-shore" period for the elderly to receive the old-age allowance and an increase in other subsidies.

    The local newspaper said that a cross-departmental committee will be created to combat poverty.

    South China Morning Post said that creative industry is also expected to be key to Tung's policy address. He will give a blueprint of how the city positioning itself as a bond market and a center for renminbi (Chinese currency) business.

    A source was quoted as saying that there is a major market in the mainland and the Hong Kong government will push the city as a platform for overseas and mainland cultural and creative industries to expand market. Enditem