The Chief Executive's Council of Advisers on Innovation & Strategic Development held its 11th meeting today to discuss the 14th Five-Year Plan for National Economic & Social Development.

Chief Executive Carrie Lam also took the opportunity to update members on improvements to Hong Kong’s electoral system and the city's latest COVID-19 situation.

Members recognised that Hong Kong's long-term stability and prosperity had to be underpinned by the full and faithful implementation of the "one country, two systems" principle.

They warmly welcomed the support given to the Hong Kong Special Administrative Region in the 14th Five-Year Plan.

In addition to continuing to support Hong Kong to consolidate and advance as international financial, transportation and trade centres as well as a centre for international legal and dispute resolution services in the Asia-Pacific region, the plan has recognised the city's strengths and competitiveness in developing an international innovation and technology hub, an international aviation hub, an East meets West centre for international cultural exchanges, and an intellectual property trading hub.

Members were also excited about the reference in the plan to the development of a high-quality Guangdong-Hong Kong-Macao Greater Bay Area and inclusion of the Shenzhen-Hong Kong Loop as a major platform of co-operation in the bay area.

In addition, council member and 2022 Foundation Chairman Victor Fung, presented to the council the recommendations of the bay area's second phase study Creating Hong Kong's New Advantages in the GBA – Identifying new pathways to growth and opportunity.

In presenting the study's findings, Mr Fung highlighted seven areas for Hong Kong to expand and extend its competitive advantages, and to develop new roles as potential new sources of growth for the Hong Kong economy.

Members spoke in support of the directions and offered advice on how each area could be taken forward with leadership from the Government and active participation of businesses and local institutions.

They also offered their views on how Hong Kong should seize the opportunities under the 14th Five-Year Plan and development of the bay area for Hong Kong's better integration into the Mainland economy and long-term development.

In particular, many members pointed out that biopharmaceutical manufacturing has the potential to drive re-industrialisation in Hong Kong and that the Government should gear up its institutional setup and devise suitable policies in co-operation with Mainland counterparts to attract more international pharmaceutical companies to establish a foothold in Hong Kong. 

Noting that the enactment and implementation of the National Security Law in Hong Kong as well as the improvement to Hong Kong’s electoral system have restored stability to the city, members were of the view that Hong Kong should leverage the opportunities arising from the development of the bay area to accelerate its economic recovery.

They emphasised that fighting the COVID-19 pandemic should remain the priority task for the Government at the moment and urged it to step up efforts in encouraging the public to get vaccinated. 

Mrs Lam expressed appreciation for the study's comprehensiveness, which provided insightful suggestions on how Hong Kong can harness its strengths in areas including basic research, capital raising capacity and a high degree of internationalisation to contribute to the bay area development.

The Chief Executive added that she will continue to lead her governing team and engage stakeholders to identify new opportunities for Hong Kong in helping the economy to rebound and improving people's livelihood.

She noted that further controlling the epidemic to enable the resumption of normal travel between Hong Kong and the Mainland is crucial.

Members were also briefed by Airport Authority Chief Executive Officer Fred Lam on the development of the Airport City in Hong Kong.

They expressed full support for the range of initiatives to transform Hong Kong's well-positioned airport into an Airport City driving Hong Kong's economy.