Hong Kong has tightened the criteria of a mega-events fund by requiring organisers to promote tourism and stimulate economic growth, while eyeing more efficient allocation of resources for a targeted 10 large-scale projects per year.
The review of the Mega Arts and Cultural Events (ACE) Fund by the Culture, Sports and Tourism Bureau followed controversy over the highly-anticipated football match that Argentinian superstar footballer Lionel Messi sat out and the Chubby Hearts installation costing HK$7.8 million (34 million baht) - both events that received funding.
The government announced the new criteria on Saturday, saying it had consulted the Mega ACE Committee, reviewed the fund's operation and funding mode, and considered developments in Hong Kong's arts and culture sector.
It said the bureau would enhance the fund's operation with a view to "more effectively" promote the development of arts and culture, while also "boosting tourism and the economy".
The fund, launched in April 2023, has supported 20 large-scale arts and cultural events so far, with each event having a maximum of HK$15 million in funding.
It aims to back arts and cultural events that can promote the city as a centre for cultural exchanges and develop the arts in the city, while bringing back tourists to Hong Kong post-pandemic.
Under the new requirements, the fund will prioritise events that drive tourism, integrate arts and culture with socio-economic growth, and "bring a positive impact to Hong Kong's community as a whole".
A matching grant will be introduced to encourage event organisers to solicit commercial sponsorship, with an overarching principle of industry building.
Also, the requirements on key performance indicators (KPIs) will be strengthened to better monitor the effectiveness of events and showcase the impact of the fund.
The mega-events fund will adopt three rounds of applications each year, with deadlines set on the last working day of April, August, and December each year respectively, and applicants should submit applications at least six months before the proposed event date.
"This not only encourages event organisers to make adequate planning, but also allows the Mega ACE Fund to consider applications received in the same round in one lot," the government said.
The mega fund will identify not more than four projects that deserve support in that round and determine the corresponding funding amount.
The authorities' target is to support at most 10 projects each year, while optimising its limited resources more effectively.
The new mechanism will take effect on January 1, and is applicable to events to be organised on or after July 1. The deadline of the first round of applications will be April 30 next year.
After the deadline of each round of applications, the Mega ACE Committee Secretariat will notify the applicants of the results generally within 14 weeks.
The announcement on Saturday also followed the release of the blueprint for Arts and Culture and Creative Industries Development earlier this week, which was part of government efforts to create new economic drivers and opportunities for the sector.
The road map also covers 71 measures to bolster the development of industries, such as the performing and visual arts, music, animation, dance, film and fashion, among other sectors.
Insiders said authorities hoped creative industries could generate an extra 66% in economic benefit, from HK$120 billion in 2022 to HK$200 billion by 2034.