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 & Road Initiative, the financial secretary of the Hong Kong Special Administrative Region (HKSAR) government said on Wednesday.

While reinforcing traditional pillar industries, Hong Kong needs to identify new growth engines by actively developing emerging industries, Paul Chan said when delivering the annual budget for the Legislative Council.

He promised greater support from the HKSAR government for innovation and technology, cultural and creative industries, and nurturing talents.

“The Greater Bay Area, with a population of over 70 million and a GDP of 1.6 trillion U.S. dollars, presents an enormous market and ample room for development for Hong Kong,” Chan said, highlighting opportunities in financial markets, innovation and technology.

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