This undated photo shows a view of Shenzhen, a Greater Bay Area city in the southern Chinese province of Guangdong. (PHOTO / XINHUA)

HONG KONG - Hong Kong will step up efforts to develop a diversified economy and strive to seize opportunities from the development of Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative, said Hong Kong Financial Secretary Paul Chan Mo-po on Wednesday.

While reinforcing traditional pillar industries, Hong Kong needs to identify new growth engines by actively developing emerging industries, Chan said while delivering his annual budget speech at the Legislative Council.

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The Greater Bay Area, with a population of over 70 million and a GDP of US$1.6 trillion, presents an enormous market and ample room for development for Hong Kong.

Paul Chan Mo-po, Hong Kong's financial secretary

He promised greater support from the Hong Kong government for innovation and technology (I&T), cultural and creative industries, and for nurturing talents.

"This will not only broaden the foundation of our economy, but also provide diversified and quality employment opportunities for young people to unleash their potential," Chan said.

The government is actively exploring the establishment of a third InnoHK research cluster, following two such clusters at the Hong Kong Science Park focused on healthcare technologies, and artificial intelligence and robotics technologies, Chan said.

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About 3 billion Hong Kong dollars (US$385 million) will be earmarked for the possible expansion of the science park, Chan added.

He highlighted the role of the Greater Bay Area in the development of Hong Kong's diversified economy.

"The Greater Bay Area, with a population of over 70 million and a GDP of US$1.6 trillion, presents an enormous market and ample room for development for Hong Kong," Chan said, highlighting opportunities in financial markets and I&T industries.

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By cooperating with other cities in the Greater Bay Area, which boasts a host of leading I&T enterprises and exemplary capabilities in commercializing research and development results, Hong Kong will be able to give full play to its advantages in areas including pool of talent and international experience and bolster the development of its own I&T industries, Chan said.

Chan said Hong Kong should also actively seize the opportunities from the Belt and Road Initiative with its advantages in financial and professional services, and its links with overseas markets.

"We can provide diversified services for Belt and Road projects in the areas of infrastructure financing, green finance, renminbi products and services, insurance as well as other professional services," Chan said.