Photo taken on June 29, 2021 shows China's national flags and flags of the Hong Kong Special Administrative Region (HKSAR) on a street in China's Hong Kong. (XINHUA)

HONG KONG – The Hong Kong Special Administrative Region (HKSAR) government on Friday announced the establishment of the Chief Executive's Council of Advisers, a high-level advisory body on the strategic development of Hong Kong.

The first term of the Chief Executive's Council of Advisers will take effect immediately and end on June 30, 2025

The council is chaired by HKSAR Chief Executive John Lee, and consists of 34 members, with the participation of key government officials, the HKSAR government said in a statement.

ALSO READ: ‘New HK, Macao office signifies growing importance’

The first term of the council will take effect immediately and end on June 30, 2025.

According to the statement, the formation of the council is particularly timely and crucial, as Hong Kong is now on the path to resume normalcy after the pandemic, seeking to rekindle momentum to return to the international stage as the most effective gateway between the world and the country.

With its unique advantages and strengths under the "one country, two systems" principle and its strong fundamentals, the HKSAR government will spare no efforts in advancing Hong Kong's economic development and prosperity, tapping the enormous business potential arising from innovation and technology, and its further integration into the national development as well as deepening regional and global collaborations, it read.

Welcoming the advisers on board, Chief Executive John Lee Ka-chiu said, "Members of the council are all distinguished and eminent leaders in their respective fields, and some of them are internationally renowned scholars or experts."

ALSO READ: New office on HK, Macao work receives wide support

"The council will be organized along three broad streams, namely economic advancement and sustainability, innovation and entrepreneurship as well as regional and global collaborations to facilitate more focused and in-depth dialogues," Lee was quoted as saying in the statement.