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| No.2 April, 2014 |
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4 Key reasons why Hong Kong will become Asia’s Creative Capital |
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 Hong Kong is a well-known international financial capital, but in recent years it has also transformed itself into a creative hub with its mix of art galleries, world class exhibitions, private investment in the creative industries and support from the Hong Kong government. Here are four key reasons Hong Kong will become a leading creative hub in Asia Pacific.
1) Hong Kong government support
The Hong Kong government has already begun work on the West Kowloon Cultural District which will span 40 hectares and feature multiple performing arts venues and cultural institutions. The first phase is scheduled for completion in 2015. In the meantime, there have been plenty of pop-up exhibitions and shows held on the waterfront site, including the Mobile M+ Inflation exhibition, the spectacular Bamboo Theatre and various dance group performances.
Also supported by the Government is the development of the Central Police Station Compound and the Former Police Married Quarters on Hollywood Road in Central. The former will be a centre of heritage, arts and leisure facilities with spaces for galleries, exhibitions, performances and arts organisations, not to mention bars, restaurants and retail outlets. The latter is to become a creative industries landmark with designer studios, start-up establishments, retail space for arts and crafts as well as rooms for artists-in-residence.
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2) Global industry support
Government support for the arts is of course critical to the development of the sector, but it wouldn’t nearly be as effective without the recognition and backing of the industry itself. That’s why art shows like Art Basel Hong Kong (which is happening next month) and the Affordable Art Fair, and institutions like the Jockey Club Creative Arts Centre (JCCAC), are important to the development of the local creative industry. Not only do they attract creative talents to Hong Kong, but also bring a host of flow-on effects such as artistic and cultural exchanges.
Hong Kong’s reputation as an arts hub is supported by the strength of the local auction sector. In fact, Hong Kong is the world’s third largest art market by auction sales. In recent years, Sotheby’s and Christie’s have achieved record-breaking sales in Hong Kong. Just this month, a Ming dynasty porcelain cup was auctioned in Hong Kong for HK$281.2m, making it the world auction record for any Chinese porcelain.
3) Free and open society
The foundation of a successful creative arts sector is a free and open society. As a city which has built its reputation on its open borders and free flow of information, Hong Kong’s culture is uniquely suited to becoming Asia’s creative capital.
The creativity in Hong Kong, freedom of expression, unique multicultural heritage, regional and international awareness and strategic location make the city an ideal base for the creative arts.
4) Simple and Low Tax
Hong Kong’s low and simple tax system has attracted a wide range of businesses, and those in the creative industries are no exception. Corporate profit tax is a maximum of 16.5 percent and personal salary tax a maximum of 15 percent. Also, because there are no import or export duties and that no value-added or sales tax are levied in Hong Kong, many international galleries have chosen to expand to Hong Kong.
Learn more about Hong Kong’s art venues, events, cultural programs and arts organizations here. |
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