HONG KONG - Hong Kong Chief Executive Leung Chun-ying on Wednesday announced to establish a steering committee and an office for China's Belt and Road Initiative.

Leung made the announcement when delivering a policy address for the year of 2016. It was the fourth policy address of Leung since he was sworn in on July 1, 2012.

Leung said the year of 2016 is one with important opportunities for Hong Kong since it is the outset of the Chinese mainland's 13th Five-Year Plan and Hong Kong's innovation and technology development.

Leung, in his policy address, said the special administrative region government has input numerous resources to improve local residents' livelihood due to increased tax revenues in the last year.