Business
14:23, 28-Jun-2017
Hong Kong: Cultural and creative industries become its most dynamic sectors
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From 2005 to 2015, Hong Kong's cultural and creative industries grew by an average 7.5 percent, outpacing the region's annual GDP growth rate of 5.4 percent during the same time period. The two industries are comprised of television studios, movie production houses, record labels, and architecture firms among others.
By 2015, over 210,000 people were working in these sectors, up from 170,000 in 2005, translating to an annual growth rate of 2.2 percent. About 5.7 percent of Hong Kong's workers were employed in those sectors at the end of that decade.
Hong Kong has also invested heavily in research & development./CGTN Screenshot
Hong Kong has also invested heavily in research & development./CGTN Screenshot
Often known for being a busy logistics hub, Hong Kong is now providing cultural and creative exports valuing nearly half a trillion US dollars. These products also made up over 13 percent of the region’s total exports.
As a key gateway to the mainland's massive market, Hong Kong has also emerged as a leading innovation hub. By 2015, total R&D expenditure topped 200 billion US dollars, with breakthroughs seen in seven emerging strategic industries such as energy efficiency, environmental protection, next-generation IT services, bio-technology, high-end equipment, new energy sources, materials, and green vehicles.