John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), on Wednesday mapped out plans to boost the city's economy and financial services sector during his first policy address.

"In respect of the governance system on government investments, I have asked the financial secretary to set up a new Hong Kong Investment Corporation Limited (HKIC) to further optimize the use of fiscal reserves for promoting the development of industries and the economy," said Lee.

Lee said the HKSAR government hoped enterprises would develop their businesses in the international financial center, and that support would be provided.

According to the local government, the financial services sector is Hong Kong's largest pillar industry, accounting for over 20 percent of its gross domestic product. The HKSAR is also the largest offshore Chinese yuan business center, processing about 75 percent of global offshore yuan settlements.

"The Hong Kong Exchanges and Clearing Limited will revise the Main Board Listing Rules next year to facilitate fundraising of advanced technology enterprises that have yet to meet the profit and trading record requirements," said Lee. "It is also planning to revitalize GEM (formally known as the Growth Enterprise Market) to provide small and medium enterprises and start-ups with a more effective fundraising platform."

The HKSAR government also plans to promote the launch of more yuan-denominated investment tools, as well as foreign exchange and interest rate risk management tools, according to Lee.

"With a view to enhancing the RMB stock trading mechanism," Lee said the HKSAR government would introduce a bill to exempt the stamp duty payable for transactions conducted by market makers trading in both yuan and Hong Kong dollar within this year.

Lee also vowed to develop green and sustainable finance, strengthen asset and risk management and promote Hong Kong's competitiveness in fintech.