Former chief executive CY Leung says people must keep in mind that Hong Kong is an economic city, as this sets the foundation for the territory to solve deep-seated problems such as housing.

"It is important to remember that Hong Kong, after all is an economic city," Leung said in a video released on Wednesday on website Speak Out HK.

"And only through economic development, we have the capabilities to allow our government to look after the livelihood of Hong Kong people. Only through economic development, could we give our young people better prospects in their career development."

Leung, who's a vice-chairman of the Chinese People's Political Consultative Conference, added that he's very optimistic about the future of the city, after eliminating what he called "the toxic politics that preyed on Hong Kong's development".

He said he believes it is time for Hong Kong to grasp opportunities on the mainland.

"We should focus more on developing a robust economy, riding on the growth of the mainland economy, riding on the Belt and Road Initiative, riding on the Greater Bay Area development and so on," he said.

"These opportunities are abundant, whether it's Belt and Road or Greater Bay Area or other parts of our country. It's the question of actually acting on these opportunities, so grasping these opportunities and turning them into results."