How does Hong Kong compare with Asian counterparts on development of creative industries?

Up until now, Hong Kong has not convincingly proved itself capable of keeping up with its Asian counterparts in developing its creative industries, with some places having dedicated authorities to promote the sector.

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South Korea

In South Korea, the Korean Creative Content Agency is the central body which oversees the development of its creative industries, covering everything from music and fashion to gaming and animation. The country offers rebates for exports of cultural content. The government has also set up the Korea New Exchange – a stock exchange for start-ups. In 2015, the private sector contributed US$1 billion to a fund to provide support to start-ups. It only takes five days to register and open a business – half the Organisation for Economic Cooperation and Development average.

Taiwan

The government in Taiwan has been encouraging the development of its creative industries since 2009. In 2015, the Ministry of Culture launched the second stage of a creative and cultural investment plan worth US$61.5 million , which offered funding for various creative enterprises. Government funding for prospective applicants was increased from 50 per cent to 75 per cent. One notable success story is Taiwan ARTCCI Company, which markets Taiwanese artworks and has two workshops for artists in Kaohsiung. It has successfully set up an online marketplace for Taiwanese artworks.