Financial Secretary Paul Chan on Sunday urged Hongkongers to "team up for a brighter future" as he invited people to put forward suggestions for his next budget.

A consultation exercise ahead of the blueprint expected in February got underway on Sunday.

It comes after the government doubled its estimated deficit for the current financial year to around HK$100 billion.

In his weekly blog, Chan said the government has to carefully manage public finances as the global outlook remains gloomy and the city is undergoing economic transformation. But he added that accelerating the city's economic development is of equal importance.

"During this period, development is core and stability is the key. The administration has been seeking to expand into new markets and strengthen its position in technological innovation. Results of this are now beginning to flow through," he wrote.

"Let's make wise use of resources, and team up for a brighter future," he added, in a promotional video on the budget consultation.

Meanwhile, Chan said the city's market sentiment has been improving, with the central government continuously rolling out measures to support Hong Kong, including bringing back unlimited entry visas for Shenzhen residents.

More than 130,000 mainlanders visited the SAR last weekend, Chan said, adding that this was a 15 percent increase on the average number in November.

He said the number of innovative technology start-ups in the city is continuing to grow and a lot of enterprise founders from across the world agree that Hong Kong has a unique advantage in innovation and technology development.

"Foreign companies are confident towards Hong Kong. The government's efforts overseas in promoting the city's advantage and telling real Hong Kong stories are yielding positive impacts," he wrote.

"Challenges are inevitable in each development stage, but we have to focus on greater opportunities and prospects. According to our past experiences, Hong Kong remains strong despite highs and lows, and we will continue to make steps forward in new developments and reach newer heights," he added.