53.     To improve Hong Kong 's competitiveness, creativity is important.  Ideas and innovations can improve production efficiency and bring about added convenience, and in some cases can change entire industries and even society as a whole.  Individuals and corporations in Hong Kong are putting their heads together to explore new products and services, and searching for breakthroughs in their business methods.  In such fields as design, research and development, culture and the arts, media, advertising, or even management, consulting, engineering and health care, we have an abundant supply of creative people.  Thanks to their efforts, Hong Kong has become an efficient city with a rich culture and its developments are multi-faceted.

54.    The Government will make every effort to support and facilitate the development of our cultural and creative industries.  We are, for example, extending the Film Guarantee Fund so that it may continue to underwrite film production and encourage banks and other lending institutions to participate in film financing.  We have also earmarked funding for projects such as manpower training, which are conducive to the general development of the film industry.  In last year's Budget, I proposed the $250 million DesignSmart Initiative.  This was launched in June last year, with the objectives of strengthening support for design and innovation and promoting their wider use in industries to help them move up the value chain.  In addition, we will provide funding to the Hong Kong Science and Technology Parks Corporation and the Hong Kong Design Centre for the joint development of a one-stop centre which aims to encourage the creation and clustering of high value-added activities among design professionals and companies, and will provide incubation services for the latter.  The one-stop centre will be located in Kowloon Tong and is expected to come into operation this year.

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