Any act advocating Hong Kong's independence or threatening China's sovereignty, security and development interests will not be tolerated, Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor said on Wednesday.

In her 2019 Policy Address, Lam reiterated her commitment to adherence to the "one country, two systems" principle as Hong Kong finds ways to "emerge from the storm and embrace the rainbow" amid prolonged chaos across the city.

Lam said the principle has proved to be the best way to ensure the long-term prosperity and stability of Hong Kong since its return to the motherland 22 years ago.

It is also the "common aspiration" of the country, the Hong Kong Special Administrative Region and the Chinese people to successfully implement the principle, she said.

"Despite the stormy times and overwhelming difficulties Hong Kong is experiencing, I believe that so long as we accurately adhere to the principle of 'one country, two systems', we will be able to get out of the impasse," Lam said.

She stressed the importance of safeguarding the rule of law, "a core value of paramount importance to Hong Kong", which is the cornerstone of the city's success.

She also called on all parties to take on their responsibilities to protect Hong Kong's institutional strengths developed by different bodies and organizations.

Lam's policy address comes as Hong Kong has been rocked by months of violent protests. In her speech, the chief executive put forward over 220 new initiatives to address the city's social and economic problems, with a key focus on land and housing. The initiatives also include measures on improving people's livelihoods and economic development.

Hong Kong lawmaker Regina Ip Lau Suk-yee spoke highly of Lam's delivery of the Policy Address.

The nonofficial members of the Executive Council recognized Lam and her government's efforts to solve the city's deep-seated problems, saying Lam's policy address shows their concern for the people.

"We believe that the chief executive has the determination and capability to take forward initiatives that are beneficial to Hong Kong's economy and people's livelihoods. The Executive Council fully supports the government and will continue to offer its advice on the implementation of measures for improving people's livelihoods," said Bernard Chan, council convenor.

The Hong Kong General Chamber of Commerce said in a statement that it hopes the proposals laid out by Lam will start paving a path for recovery and reconciliation.

"While we welcome the measures that have been announced in the policy address, there is clearly a lot more work to be done in rebuilding Hong Kong and healing the divisions in society," Chamber Chairman Aron Harilela said.

"We hope that the measures set out in the policy address will be a firm step toward this objective."