Incoming chief executive Leung Chun-ying will float policies to spur the economy and ease people's hardships in his first 100 days in office, rather than waiting until his October policy address, he vowed yesterday. In an interview with the South China Morning Post, he said some of his initiatives would take immediate effect, and cited as priorities better housing for young people and care for the elderly. He implied he would waste no time tackling burning issues and the plight of those in need. Leung said his administration would find social and economic investments to make better use of the government's HK$669 billion fiscal reserve, such as addressing the problem of the ageing population and promoting growth sectors of the economy. Expressing concern about the depth of the crisis unfolding in Europe, Leung said global economic problems were among the priorities in discussions between his team and the outgoing administration. Yet his immediate challenge was to secure the passage of his government restructuring plan through the Legislative Council, he said. He is facing attempts by pan-democrats to block the revamp. People Power lawmakers plan to delay it by tabling 1,000 motions for discussion in Legco's finance committee. Leung said he was 'cautiously optimistic' that his proposal would pass before he formally takes office on July 1. 'I don't have a Plan B. We are still trying our best,' Leung said. But failure to get it passed in time would not paralyse the government. 'The sky won't fall, but we will lose our competitive edge.' Although Leung has not announced the names of his cabinet ministers, he said the new team was already working with counterparts in the incumbent government to prepare for the transition. 'When deliberating policies, my cabinet will unveil initiatives as they mature. That doesn't have to wait until [October's] policy address.' His administration would be well prepared for an economic crisis in Europe, he said. He has maintained close contacts with Financial Secretary John Tsang Chun-wah, who is tipped to continue in the role in Leung's team, and with financial regulatory institutions to monitor the situation. If his government restructuring proposal was approved, Leung said, he wanted the deputy financial secretary to share the workload of developing the city's economy, while the financial secretary could 'glue his eyes on the European situation'. The incoming leader said he would be 'extra cautious' in designing housing and land policies against 'the backdrop of the situation in Europe'. Leung did not comment on whether property prices in the city had climbed too high. Asked whether he was touched by the estimated turnout of 180,000 at the candle-light vigil on Monday to mark the anniversary of the Tiananmen crackdown in 1989, he said: 'I am not saying I am not touched. I have no comment [on the turnout].'