The Commission on Strategic Development will examine the opportunities and challenges of Hong Kong's development at its November 6 meeting.

It will discuss a paper reviewing the macro environment at the international, national and local levels, and forecasting Hong Kong will likely experience a significant economic slowdown in the coming year.

In the worst-case scenario, when Europe and the US fall into prolonged economic recession, the Mainland may be affected and Hong Kong could experience negative economic growth, falling asset and property prices, and rising unemployment.

To face these challenges, the paper suggests Hong Kong reinforce its role as a global financial centre, identify new opportunities for economic development, and enhance co-operation with the Pearl River Delta region, other parts of the Mainland, Taiwan and Asian countries.

It says it is important for the city to consider as early as possible its role in the National 12th Five-Year Plan, effective crisis management, and improvements to existing systems to best address the economic and social issues to take Hong Kong up to the next level.

The paper also looks into governance and other long-term strategic issues concerning people's livelihoods, including easing the financial strain on the working poor, optimising the demographic structure and attracting talent.

The Chief Executive will chair the meeting. Download the discussion paper here.