Chief Executive John Lee said on Thursday that the Legislative Council will closely oversee the development of the Northern Metropolis, even after dedicated legislation is introduced to speed up the development of the area.

He announced in his Policy Address on Wednesday that the government will introduce dedicated legislation to empower officials to devise simplified statutory procedures to, for example, accelerate the setting up of statutory industry park companies and provide them with dedicated funding channels.

Speaking in a joint radio phone-in programme, Lee stressed that does not mean Legco has no role to play in the process.

He explained that the council will still have to scrutinise the relevant laws.

"Speeding up the procedures does not mean that it will not be scrutinised by the Legislative Council, we are only simplifying the process. For example, when we have to establish a statutory company, we will have to establish a law for it. But if everyone agrees, we can have a framework legislation, so Legco will only have to scrutinise the subsidiary legislation and the process can be faster", he said.

"Also, if we have set up a framework, we don’t have to look into the same items within the framework again."

Lee noted that the 30,000-hectare metropolis covers a third of Hong Kong's area, and there will be four major zones focusing on different industries.

He said Financial Secretary Paul Chan will lead a working group to devise development and operation models, to set up companies for various industrial parks in the metropolis.

Meanwhile, Lee was asked why he did not hand out consumption vouchers in his latest Policy Address.

He explained that now is not a good time for sweeteners because Hong Kong is still in the midst of a budget deficit, adding that available funds should be used to stimulate employment and support the economy.

The CE pointed out that the government has rolled out 11 measures to support small and medium sized enterprises, including extending the application period for the 80 percent Guarantee Product under the SME Financing Guarantee Scheme for two years, and streamlining the licensing regime for restaurants.

Lee said while Hong Kong is undergoing an economic transition and some enterprises could be affected in the “reshuffling” process, the government is here to provide support.

“The government wants to let people know that this is a transition period and this transition period will be over someday. But during this period, we will still offer help,” Lee said.

“We are changing the industrial structure, so we will be more stable during economic volatility. We will be a big cruise ship rather than a small boat during a storm… that's why we rolled out 11 measures to help small and medium enterprises.”