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HONG KONG, Oct. 1  -- Hong Kong Chief Executive C Y Leung Wednesday said to sustain its development, Hong Kong must capitalize on the combined advantages of "One Country" and "Two Systems", which also fully applies to Hong Kong's constitutional development.

Speaking at the National Day reception, Leung said the Standing Committee of the National People's Congress has adopted a decision on issues relating to the selection of the Chief Executive (CE) by universal suffrage, confirming that the CE can be elected through "one person, one vote" from 2017 onward.

"It is understandable that different people may have different ideas about a desirable reform package. But it is definitely better to have universal suffrage than not. It is definitely better to have the CE elected by five million eligible voters than by 1,200 people," he said.

Leung hoped that all sectors of the community will work with the government in a peaceful, lawful, rational and pragmatic manner to duly complete the subsequent consultation and legislative work, and make a big step forward in our constitutional development.

The chief executive also noted that Under "One Country", Hong Kong has the staunch support of the country for its development, while the huge Mainland market presents the city with numerous career opportunities.

While under "Two Systems", Hong Kong's legal and financial systems are different from that of the Mainland, which are more familiar to overseas businesses and professionals and have attracted many foreign enterprises to set up their businesses here.

Besides economic development, the combined advantages of "One Country" and "Two Systems" also come into play in areas such as culture, arts, education and scientific research, he added.

"Hong Kong and the Mainland are closely linked in their development. We must work hand in hand to make the Chinese dream come true," Leung said, quoting a passage from the Conclusion of the White Paper, which says: "Continuously enriching and developing the practice of 'one country, two systems' in the Hong Kong Special Administrative Region and maintaining long-term prosperity and stability in the region are an integral part of the Chinese dream. "

"It is also a necessary requirement for improving and developing socialism with Chinese characteristics and promoting the modernization of the national governance system and governing capability."

A flag-raising ceremony was also held Wednesday morning at Golden Bauhinia Square to mark the 65th National Day. Leung joined some 2,500 people at the ceremony including invited guest, senior government officials, and members of the public.