A top mainland official in Hong Kong on Wednesday said the One Country Two Systems policy has proven effective in ensuring the SAR's prosperity and stability.

Speaking at a ceremony marking the launch of the first volume of the English edition of Hong Kong Chronicles, Commissioner of the Ministry of Foreign Affairs in Hong Kong, Liu Guangyuan, said the policy was turned from vision into reality and has become a globally-recognised success.

"The policy of One Country Two Systems as an initiative that has no precedence to follow also encountered some obstacles and challenges in practice," he said.

"Despite some voices talking down the policy, some tricks trying to damage the policy, the central government has always stayed committed to the original intention of One Country Two Systems."

Speaking at a separate event, Chief Executive John Lee said Hong Kong is bound to become more prosperous with the One Country Two Systems principle as the SAR's strong foundation.

He told South China Morning Post’s China Conference that he is confident that Hong Kong will be able to overcome any challenges, given the talent and resilience of its people.

"From disarray to good governance, Hong Kong is entering a new phase of becoming more prosperous in the next five years. I'm determined that the whole government will be working pragmatically and passionately for Hong Kong and our country, building a future we will all be proud of," he said.

"The challenges are daunting but in One Country Two Systems and in our east meets west position, as well as the talent and resilience of the people of Hong Kong, I'm confident we have what we need to accomplish what we must."