On the sidelines of the Singapore International Film Festival, our Miro Luo sat down with veteran Hong Kong director Stanley Kwan to talk about his latest film "First Night Nerves", and the booming Chinese film industry. He said China's decision to regulate tax payment in the film and TV market will benefit the sector in the long term.

Stanley: Some people just said that there would be a winter, long winter, for the entertainment business in mainland China. But the other group of people just said that maybe this is a good time, for some people to really deal with good quality project, in reasonable budget, good director, good script, they (can) pay more attention about the content, no matter whether it's (a) commercial film or arthouse movie. Certainly, the audience is not stupid, after all, so what (if) it's a big production, so what (if) it's a big cast, but the film is bad. So the audience are very clear about that. So, maybe some small budget film, (with) proper script, even new faces for the actor and actress, they go for it.

Miro: More and more Hong Kong directors have moved their career to the mainland. You have been working with mainland filmmakers on different projects in different capacities. What are the biggest differences between the film industry in the mainland and in Hong Kong in your opinion?

Stanley: I think when I was assistant director in television in Hong Kong TVB, even not in the film business, but by the reference by the Hong Kong film industry history, we knew that, that there was a system. No matter the system about content, or the production, there is still system, every single person from the financier up to even the assistant director, they deal with the processes, they (are) supposed to give good effort for that, that's the system.

Miro: Your new film 'First Night Nerves' opens at Hong Kong City Hall, a historic arts location that means a lot to you personally. Shot entirely in Hong Kong, this film makes some people feel nostalgic for the city and its movie industry back in its heydays. While more and more Hong Kong directors are trying to cater to the taste of audience back in the mainland, why did you choose to make a film that pays tribute to Hong Kong?

Stanley: I think most of the Hong Kong directors, if they got a chance, to make film in Hong Kong, the subject about Hong Kong, they willingly will do that. It doesn't mean because they all go to mainland market and make film for mainland, they forget about their hometown. Because this is the business, this is the situation. I keep saying that I was lucky to get the financier from mainland and give me the chance to make the film entirely shot in Hong Kong.