Lee, a former career police officer with limited financial expertise, will have the challenging task of lifting Hong Kong’s regional competitiveness after its economy shrank 1.3 percent in the second quarter.

Covid-19 restrictions have hit the China-ruled city hard since early 2020, battering shops and restaurants, bringing tourism to a halt, and stoking an exodus of expatriates.

Lee, speaking to reporters on Tuesday, emphasized a need for Hong Kong to relaunch itself, citing a recent speech by Chinese leader Xi Jinping, who said Beijing would help Hong Kong “resolve deep-seated issues and problems in economic and social development” and consolidate its “international position” in finance, trade and other areas.

“We are now embarking on a new chapter for further prosperity, and this is a new phase for Hong Kong,” Lee said.

“Hong Kong has emerged from chaos to order, and now we’re moving from order to prosperity,” added Lee, referring to pro-democracy demonstrations in 2019.

Beijing responded to the protests with a sweeping national security law in 2020, prompting an exodus of Hong Kong residents to countries including Britain, that offered “lifeboat” citizenship schemes in response to the law.