Policy Address
Creative Industries
74. Creative industries highlight the humanity features of people in Hong Kong where the cultures of East and West meet, making Hong Kong an even more attractive international city and giving new energy to our diversified economy. I made an injection of $1 billion each into the CreateSmart Initiative and the Film Development Fund in 2018 and 2019 respectively and the industry has responded enthusiastically.
75. The global film industry has been hard hit by the pandemic and related economic activities have almost come to a halt. The Commerce and Economic Development Bureau (CEDB) announced in mid-July this year that around $260 million will be earmarked under the Film Development Fund to implement various measures to address the needs of the industry at different levels, help retain talents and inject fresh impetus into the sector.
76. The CreateSmart Initiative received around 200 new applications in the past two years or so and over $800 million of funding has been granted so far. Our pledge and determination to vigorously promote the development of the creative industries remain unchanged. I propose to inject an additional $1 billion into the CreateSmart Initiative to further promote the development of the creative industries in Hong Kong and provide support for them to adapt to the impact arising from the “new normal” under the epidemic.
