Chan: Opportunities abound in cultural and creative sectors

Ayra Wang

Hong Kong enjoys unique advantages in cultural and creative industry development with a deep understanding of both mainland markets and global trends, Financial Secretary Paul Chan Mo-po said yesterday.

Chan said he attended the China Development Forum, where he noted that the global economy and societal development face multiple challenges, including protectionism, geopolitical risks and demographic shifts.

However, he sees opportunities for Hong Kong in the burgeoning cultural and creative sectors.

The city is in the midst of a "super month" in arts and culture. The music festival Complexcon celebrated its last day yesterday but there are still various events ahead, including Art Basel, Art Central and the Museum Summit.

Chan, on his blog, also said: "Some popular intellectual property products have become carriers of cultural identity and emotional connection, spawning a wide range of merchandise and cross-industry collaborations.

"Combined with smart devices and online marketing, these IPs have created vast business opportunities."

Chan pointed to the rise of the "Gu Zi" economy in mainland China, where IP-related products and entertainment have gained massive popularity among young people, with a market size reaching hundreds of billions of yuan.

During his visit, he toured a leading cultural enterprise to learn about IP product development and management, emphasizing the importance of emotional connection, multi-dimensional experiences, and continuous innovation for successful IPs. To support the industry, the budget proposed funding over 30 cultural IP projects in the next five years and reviewing tax deductions for companies purchasing IP rights.

Chan also announced plans to expand the Office for Attracting Strategic Enterprises to include more innovative cultural businesses, leveraging Hong Kong's strengths in finance, talent and global connectivity.

"We welcome more enterprises to use Hong Kong as a platform to expand their global presence," Chan said.

He also visited a Beijing-based tech company specializing in AI for smart traffic management, autonomous driving, and robotics.

The company plans to establish a headquarters and prepare for a listing in Hong Kong to expand globally.

Chan also highlighted Hong Kong's rise to third place in the Global Financial Centres Index.

ayra.wang@singtaonewscorp.com