Creative Industries
120. Hong Kong's creative industries, blessed with a wealth of talent, are emerging industries worthy of vigorous development. Following the injection of $1 billion into the CreateSmart Initiative, the Government will inject another $1 billion into the Film Development Fund in 2019-20 to help the local film industry thrive further. This will bring the new resources we devoted to the creative industries to a total of $2 billion within two years, a manifestation of the Government's determination to developing the creative industries in Hong Kong. We will make optimal use of the funding to enhance talent grooming and support for novices, promote start-ups, tap new markets for the industries, and build local branding for relevant sectors to facilitate long-term development of the film industry.
121. With the injection of new funds, we will upscale the sixth First Feature Film Initiative by doubling the number of winning teams to six and increasing funding by about 50 per cent, thereby giving new impetus to the Hong Kong film market. We will also raise the production budget limit of the Film Production Financing Scheme to $60 million and the maximum subsidy for each film to $9 million to support local mid‑budget film productions.
122. We are now collaborating with the Urban Renewal Authority (URA) and the Hong Kong Design Centre to press ahead with the Sham Shui Po Design and Fashion Project. A five-storey commercial space within a redevelopment project in the district has been reserved for the construction of a landmark for nurturing young designers and supporting start-ups in fashion design. Construction works will commence this year for anticipated completion in 2023-24.
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