'But what we should think hard about, as we ponder the economic future of Hong Kong, is whether the potential of these economic areas has been fully realised, and if not, what we should do to make it happen.

'We also need to ascertain if the increased integration with the mainland would give new opportunities for these sectors to develop. We will study what the best role of the government should be in helping these sectors take off.

'We should identify what the possible improvements should be, in terms of policy, legislation, resources and land.'

Mr Tsang said Hong Kong enjoyed a 'clear advantage' in the six sectors, which the government believed now had brighter growth prospects.

Taskforce member Patrick Wang Shui-chung, chairman of the Applied Science and Technology Research Institute, said growing the six industries would help Hong Kong develop into a knowledge-based economy.

The Central Policy Unit will organise focus-group discussions with representatives from the six industries, academics, researchers, taskforce members and government officials to study the best way forward. The findings will be presented to the taskforce at its next meeting.

It is not the first time the government has tried to diversify Hong Kong's economy away from the four pillar industries of finance, tourism, trade and professional services.

Mr Tsang's predecessor, Tung Chee-hwa, spoke of his vision of Hong Kong as a research and development hub and mapped out strategies to expand the film and Chinese medicine industries.

Federation of Hong Kong Industries chairman Clement Chen Cheng-jen threw his support behind the initiatives, especially given increased demand for testing and certification services. But Hong Kong General Chamber of Commerce chief economist David O'Rear said the government should focus on facilitating business rather than determining what businesses to support.

Liberal Party chairwoman Miriam Lau Kin-yee said 'stir-frying leftovers' would not help Hong Kong's development.

Democratic Party chairman Albert Ho Chun-yan said the list revealed Mr Tsang's lack of vision and leadership.

'Nobody in Hong Kong these days is interested in empty aspirations. People will have already starved to death when these plans are put into action,' he said.

Mr Tsang said short-term initiatives had been tackled by taskforce members in earlier meetings and the government did not rule out introducing more relief measures.

Economist Lawrence Lau Juen-yee, vice-chancellor of Chinese University and a taskforce member, said he personally believed the local economy would improve by the middle of this year or in the third quarter.

'The growth rate may rebound,' he said. 'This does not mean it is positive. But even if it is negative, it would be to a smaller extent.'