Key points:

• Five-year multi-entry visa offered to foreign permanent residents of Hong Kong and Macau

• Beijing gifts a pair of giant pandas to Hong Kong

• Chief Executive John Lee says government will focus on improving people’s livelihoods and economic development

• Five respected figures in academic, business and political circles awarded city’s top honour

• Trade in services under Cepa to be further liberalised

• Retail sector not expecting instant boost to business after Beijing raises duty-free threshold for mainland visitors

• 20,000 visitors enjoy free entry to M+ museum as of 5pm, while Hong Kong Palace Museum records attendance of 5,600

• More than 2,200 eateries offer 29 per cent discount on menu items

• Veteran activist Lui Yuk-lin shows up in Causeway Bay for solo protest against high inflation and anticipated increase in public housing rents

Chief Executive John Lee Ka-chiu revealed the decision at a reception held in the Convention and Exhibition Centre, where he also set out three directions for the city’s governance.

Hongkongers and tourists alike can also enjoy free admission to museums and discounts offered by thousands of restaurants and retailers.

The day also marks the start of Lee’s third year in office, and he has vowed to focus on economic development and improving people’s livelihoods, as well as strengthening Hong Kong’s own advantages and making use of the opportunities offered by the mainland and the world during the rest of his term.

Follow the Post’s live blog for the speeches and key events, and snapshots of where Hong Kong stands now.

More from our coverage of July 1:

Reporting by Edith Lin, Natalie Wong, Willa Wu, Jeffie Lam, Kahon Chan, Connor Mycroft, Oscar Liu, Ezra Cheung, Wynna Wong, Ambrose Li, Tom Shuai, James Modesto, Alice Kong and Emily Hung.