New coin could finance 30% of budgets
HONG KONG — Small- to medium-sized films will be eligible for new government coin that could provide 30% of their production budgets.
This funding would come from the $38.5 million earmarked recently for developing new talent in the film industry in Hong Kong, said Joseph Wong, secretary for Commerce, Industry and Technology, according to a local press report.
The percentage cap will be finalized once the Film Development Council, charged with overseeing the fund and advising the government, is set up next month.
“I would not categorize this support as subsidies,” Wong said.
There were two reasons to help support the film industry, he said: Its revival will have “spillover effects” and the policy had positive results when it was put into effect by governments outside Hong Kong supporting their own film industries.