Chief Executive Carrie Lam and her Council of Advisers on Innovation & Strategic Development discussed Hong Kong's future development at the council's first meeting today.

The forum was held after a welcome lunch hosted by Mrs Lam at Government House for council members.

She outlined her vision on the future of Hong Kong, and how, by leveraging on its unique strengths and adopting new roles for the Government as a facilitator and promoter, the city can be better integrated into the nation's overall development.

"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," she said.

"With our strong fiscal position, it is clear that we should invest more vigorously for the future."

Discussing the 2018-19 Budget at the meeting, Financial Secretary Paul Chan briefed members on Hong Kong's medium-term economic forecast, its current fiscal position and the economic challenges it faces.

The council also discussed how Hong Kong can seize the opportunities of the Belt & Road Initiative and the Guangdong-Hong Kong-Macao Bay Area development, and advised on the factors essential to Hong Kong's economic development in the medium term.

It decided further study is needed to explore opportunities arising from the bay area, particularly on proposed measures to facilitate the flow of people, goods, capital and information between Hong Kong and other bay area cities.