HONG KONG -- Only by implementing the "patriots administering Hong Kong" principle, will Hong Kong come out of its political mire, return to the right track of economic development, and truly integrate into the national landscape with more growth room and opportunities, Hong Kong's political figures said Thursday.

The National People's Congress (NPC), China's top legislature, on Thursday adopted a decision on improving the electoral system of the Hong Kong Special Administrative Region (HKSAR). The decision was passed by an overwhelming majority vote at the fourth session of the 13th NPC.

Tam Yiu-chung, a member of the NPC Standing Committee, said electoral loopholes have hindered the development of the economy, the rule of law and people's livelihood in Hong Kong.

Only after the electoral system is improved, can people who want to genuinely serve the country and Hong Kong be elected and deep-seated problems in areas from wealth gap to housing be addressed in Hong Kong, Tam said.

Improving the electoral system is significant to resolving Hong Kong's long-term political disputes and cementing Hong Kong's role as a global financial center, Vincent Lee Kwan-ho, a deputy to the NPC from the HKSAR said.

Lee said international investors have remained optimistic about Hong Kong's capital market since the national security law in the HKSAR took effect, citing that the aggregate balance in the banking system surged to a nearly-four-year high.

Cheung Kwok-kwan, a HKSAR Executive Council member, said instigators of Hong Kong unrest have been jumping on electoral loopholes to control some seats of the Legislative Council (LegCo) and obstructed the policies of the HKSAR government concerning people's livelihood and deep-seated problems.

Improving Hong Kong's electoral system will end the chaotic situation, Cheung said.

Lam Kin-fung, another member of the HKSAR Executive Council, said after the loopholes are closed, the HKSAR LegCo will be able to reach consensus through democratic consultation and focus on solving problems concerning people's livelihood.

Hong Kong will achieve political stability and people will lead a peaceful life, Lam said.

Wilson Or Chong-shing, deputy chairman of the LegCo's Panel on Housing, said the housing and land problems in Hong Kong have worsened in recent years as "mutual destruction" advocates kept thwarting any possible solution to the housing problem.

Alice Mak Mei-kuen, a member of the LegCo, said the illegal "Occupy Central" movement and social unrest have seriously divided the Hong Kong society, causing Hong Kong to miss development opportunities.

She said the improvement of the electoral system of the HKSAR ensures "patriots administering Hong Kong" and push the relationship between the executive and the legislature in Hong Kong back on track, which is conducive to improving people's well-being.