Chief Executive John Lee said on Tuesday that the government will introduce different measures to spur economic growth amid a larger-than-expected budget deficit, describing the central government's move to allow Shenzhen residents to visit Hong Kong more often as coming at just the right time.

On Monday, the financial secretary changed the deficit forecast for the current financial year from HK$48.1 billion to around HK$100 billion, citing lower revenue due to poor asset market performances and a drop in profits tax.

For his part, Lee stressed that officials will cut spending and formulate measures to increase revenue -- but they'll be cautious with the measures so as to reduce the impact on the public.

He said the visa rule change for Shenzhen residents is among many measures exemplifying the country's strong backing for the SAR.

"There are also new growth points, for example, the third runway system, which has been commissioned. Next year, Kai Tak Sports Park will also be commissioned. A lot of international major events will take place in Hong Kong," Lee told reporters ahead of the weekly Executive Council meeting.

"All these will stimulate our economy and increase government revenue. The government, meanwhile, also continues to consolidate our status as an international financial trade and shipping centre."

The CE said he will hold a Q&A session in the legislature next Thursday, and one of the topics will be economic growth and expanding Hong Kong's international network.

On tourism, Lee said operations have been smooth since Beijing restored multi-entry visas for Shenzhen residents on Sunday, and many people, he said, look forward to visiting the SAR "whenever they want".

The CE noted that some trade representatives have expressed optimism that the measure will inject life into the local economy, noting that there are "waves of activities" coming up over the Christmas period.

These, Lee said, include Hong Kong WinterFest, international horse races, panda carnivals and a real-life gathering and adventure for an online mobile game this weekend.

The chief executive also said law enforcement agencies are determined to stop the return of parallel goods trading in Hong Kong.

He said consumption patterns of mainland residents have changed, and nowadays they can find many quality and cheap products through online stores.