Hong Kong Chief Executive Leung Chun-ying delivers his policy address for the year of 2015 in Hong Kong, south China, Jan. 14, 2015. (Xinhua/Lui Siu Wai)

HONG KONG, Jan. 14 (Xinhua) -- 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.

The principles of "One Country, Two Systems", "Hong Kong people administering Hong Kong" and a high degree of autonomy is a unique and unprecedented system, Leung said, adding that there is neither overseas precedent nor "international standard" of the kind. For Hong Kong to select its chief executive by universal suffrage, the Basic Law and the relevant Interpretation and Decisions of the NPCSC must be complied with.

"We fully recognize the aspirations of our young students for democracy and their concerns about constitutional development. They should be guided towards a full understanding of the constitutional relationship between our country and Hong Kong so that the discussion on constitutional development would not be fruitless."

"The rule of law is the foundation of Hong Kong. The democratic development of Hong Kong must therefore be underpinned by the same. As we pursue democracy, we should act in accordance with the law, or Hong Kong will degenerate into anarchy," Leung said.

As for economy, Leung said, as part of China, Hong Kong benefits from the rapid development of and enjoy preferential treatments from the motherland, and from having a system that is different from other mainland cities.

He pointed out that taking the continuous economic development and full employment in recent years for granted, some people, however, have underestimated the importance of economic growth. This calls for vigilance as people's livelihood depends on the economy, and fostering economic development is vital to improving people's livelihood.