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First meeting of Chief Executive's Council of Advisers on Innovation and Strategic Development held

The Chief Executive, Mrs Carrie Lam, and her Council of Advisers on Innovation and Strategic Development had a useful exchange of views on the future development direction of Hong Kong at the Council's first meeting today (March 27). The meeting was held after a welcome lunch hosted by the Chief Executive at Government House for members of the Council.

Mrs Lam shared with members her vision on the future of Hong Kong, and how, by leveraging on its unique strengths and adopting new roles of the Government as a facilitator and promoter, Hong Kong could be better integrated into the overall development of the country.

"The Government must be forward-looking and maintain a strategic perspective in its governance. In addition to strengthening the competitiveness of Hong Kong's traditional industries, we need to foster the development of the new economy by embracing innovation and technology. With our strong fiscal position, it is clear that we should invest more vigorously for the future," she said.

At the meeting, the Financial Secretary, Mr Paul Chan, gave a presentation on the 2018-19 Budget. Members were briefed on the economic forecast for Hong Kong in the medium term, the current fiscal position and the economic challenges facing Hong Kong. Members also deliberated on how Hong Kong could seize the opportunities brought about by the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Bay Area development, and provided advice on the factors essential to sustaining Hong Kong's economic development in the medium term. The Council decided that further study should be conducted to explore opportunities for Hong Kong arising from the Bay Area development, in particular on proposed measures to facilitate the flow of people, goods, capital and information between Hong Kong and other cities in the Bay Area.

The Council is a high-level body to advise the Chief Executive on Hong Kong's future development and strategies for driving innovation. It will give advice on Hong Kong's strategic positioning in the global and regional contexts and directions of economic development with an aim of enhancing Hong Kong's competitiveness and growth potential, provide guidance on evidence-based research and studies on related issues with a view to enhancing policy formulation to meet changing development needs, and advise on stakeholder engagement and public participation in the policy formulation and consensus building process.

27.3.2018


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