The country aims to boost its oil and gas production to 1 million barrels of oil per day and 12 billion standard cubic feet per day of gas in an effort to reduce imports.
With the internationalisation of the renminbi, Hong Kong will play an even bigger role as an offshore renminbi business hub, Paul Chan Mo-po said.
Data showed that the economy had expanded above expectations in the first half of the year, driven by better domestic consumption and robust export growth.
Across the world, countries have been overhauling their immigration programmes and offering a range of incentives to would-be migrants.
Experts said the rising global profile of the renminbi can contribute to the world's shift to a multipolar currency system that is less dependent on the greenback.
Despite the fall in the latest ranking, the city increased its score from the previous ranking by 10 points to 725 points, just one point lower than Singapore.
A draft plan from the government stated Shenzhen will build five industrial parks and office clusters oriented toward fintech development.
The accounting and consulting firm PwC noted that the rising tide of uncertainties in the global economy, coupled with internal constraints, have sapped its economic growth.
According to reports, consumer spending was weak during the first quarter of the year due to the impact state of emergency declared in January.
The establishment of new power systems will spur demand for smart power networks, virtual power plants and power trade, and boost investment.