Chinese President Xi Jinping spoke after presiding over the swearing in of Hong Kong’s new security-minded Chief Executive John Lee. President Xi Jinping defended his crackdown on Hong Kong’s pro-democracy movement and said the city should focus on its economic development, in a landmark speech on the city’s 25th anniversary of Chinese rule. Hong Kong has entered a “new stage of moving from chaos to governance” the Chinese leader said Friday morning in a convention hall perched on the city’s Victoria Harbor. He called on the former British colony to focus on achieving “prosperity,” while cautioning that the relationship between the government and market should be better balanced. Xi’s speech came after he presided over the swearing in of Hong Kong’s new security-minded Chief Executive John Lee, who also defended the city’s status as an international financial and legal hub. Lee said Hong Kong had emerged from the “unlawful” pro-democracy protests of recent years with a stronger legal system than many places in Europe and America.  Lee added that Hong Kong’s future hinged on “the ability to merge with Chinese development while linking with the international world” shortly after being sworn in by Xi. Xi’s speech outlined expectations for Hong Kong and its incoming administration. The event -- coming at the halfway point in China’s 50-year promise to maintain the former British colony’s liberal and capitalist institutions -- was accompanied by a surge of propaganda praising the national security law imposed by Xi for ending protest-fueled unrest.  Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Subscribe to our newest channel Quicktake Explained: https://bit.ly/3iERrup Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake