Hong Kong will invest HK$1.4 billion to support industries such as fashion design, film production and cultural and fine arts in an effort to spur innovation in artistic fields.
The initiative will help improve the social atmosphere while expanding the local market, Financial Secretary John Tsang said Wednesday as he delivered the budget plan for the fiscal year that begins in April.
A total of HK$500 million will be spent in the next three years on a pilot scheme to support Hong Kong designers participating in overseas fashion events and to help design graduates gain opportunities for internships and further studies, Tsang said.
Meanwhile, a matching fund worth HK$300 million will be provided to cultural and arts industry. Another HK$200 million will be used to push film production.
Jeanne Tan, associate professor at the Institute of Textile and Clothing at the Hong Kong Polytechnic University, described the financial sweetener as a “once in a generation” initiative, the Kong Economic Journal reported.
Veteran designer William Tang said the key of the pilot funding scheme lies in the effectiveness in selecting the right person to subsidize, rather than simply focusing on certain schools or fashion houses.
Translation by Vey Wong
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