The Hong Kong Special Administrative Region's government plans to set aside 300 million yuan for developing the local film industry in 2007, the lowest amount in recent years.
The Film Development Committee published a report suggesting a special fund be set up to help solve the problems in the industry and the shortage of experienced personnel.
However Manfred Wong, the Chairman of Hong Kong Film Awards Association, did not seem satisfied with the 300 million yuan fund, saying it is even lower than before.
He also expressed concerns over the future of the local film industry, saying there are few new generation directors.
Renowned Hong Kong director, Wai Keung Lau, hopes the government can invest more in mid-scale movies. He says the fund has been spent on artistic and small films in the past, but attracting few spectators.
Another famous Hong Kong director, Gordon Chan, said the film industry has to be commercial to be successful. "There are successful examples in South Korea, Britain and France. They produce films from a business viewpoint and we should learn from them, otherwise the special fund is just waste of tax revenue," he said.
After Warner Bros' successfully remade the Hong Kong crime thriller "Infernal Affairs" into the Oscar-winning movie "The Departed", Hollywood has now acquired the rights to police story "Confession of Pain".
Warner Bros, Paramount and 20th Century Fox are now competing for the remake rights to Hong Kong director Derek Yee's newest anti-drug film "Protege", which made 80 million yuan at the box office two weeks after it was released.
(CRIENGLISH.com March 2, 2007)