The Chief Executive's Council of Advisers on Innovation & Strategic Development held its fifth meeting today to discuss Hong Kong’s economic outlook.

The council was also briefed on a study that makes recommendations for the future development of the Guangdong-Hong Kong-Macao Greater Bay Area and the opportunities it offers to Hong Kong.

In anticipation of slower global economic growth and external challenges in 2019, members discussed measures to stabilise the economy and how Hong Kong could better leverage the opportunities brought about by the continuous eastward shift of global economic activities.

They also provided suggestions on how Hong Kong can strengthen its conventional sectors and promote new growth areas such as innovation and technology.

Chief Executive Carrie Lam said while factors including US-China trade tensions, uncertainties surrounding US monetary policy and a hard Brexit may adversely affect Hong Kong's economy, emerging Asian economies will continue to be an important growth engine for the global economy.

“The Belt & Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area development will definitely bring enormous opportunities for Hong Kong. 

“The Government will implement precautionary measures to mitigate the risks of a potential downturn of the global economy and strengthen its role as the facilitator and the promoter to further enhance the development of the Hong Kong economy."

Regarding the study Creating the Greater Bay Area of the Future - Opportunities for Hong Kong that was undertaken by the 2022 Foundation, members generally agreed with its recommendations which are in line with the directions set out in the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area.

Mrs Lam said the Government would refer to the study when formulating policies and pursuing co-operation initiatives with other cities in the bay area.