Hong Kong to revamp sports events funding, new emphasis on ‘high economic value’
‘M’ Mark funding to be made ‘more strategic, effective and precise’, Secretary for Culture, Sports and Tourism Rosanna Law says
Secretary for Culture, Sports and Tourism Rosanna Law Shuk-pui on Sunday said the system would be made “more focused”, and confirmed the earlier revelation by sources that a “one size fits all” approach would be replaced by a multilayered funding structure.
Review criteria are to be adjusted so that large-scale events with greater contributions to Hong Kong’s economy and tourism receive higher scores and corresponding funding.
“[We] understand the public’s expectation for effective use of public funds,” Law said. “That’s why the new round [of the funds] will be more strategic, effective and precise in allocating resources to support high-quality mega sporting events with high economic value.”
Law said funding for each approved event would range from HK$6 million to HK$15 million.
“We will consider the effectiveness of an event in promoting tourism and boosting the local economy when reviewing applications,” she said, adding that the monitoring mechanism would also be strengthened.