Chief Executive Carrie Lam has proposed new measures to boost Hong Kong's creative industries and augment its convention facilities.
She outlined the measures in her 2017 Policy Address, tabled at the Legislative Council today.
The Government wants to promote the further development of Hong Kong's creative sectors, particularly the design industry.
It plans to inject $1 billion into the CreateSmart Initiative, and provide more resources to the Hong Kong Design Centre to implement a series of measures to reinforce Hong Kong's status as a city of design excellence in Asia.
The Commerce & Economic Development Bureau will find more room for development through integrating design and industry. It will also foster closer links between Hong Kong's design industry and Shenzhen and other Mainland and overseas design cities to open up new markets for Hong Kong.
To ensure Hong Kong does not miss opportunities to host large conventions and exhibitions that are internationally important or new, Mrs Lam said there is a pressing need for new venues.
After detailed study, the Government's priority is to build a new convention and exhibition venue of international standard near the Convention & Exhibition Centre in Wan Chai.
To maximise the benefits, Mrs Lam said the new venue must be connected to and integrated with the existing convention centre. The Government's three buildings near the Convention & Exhibition Centre will be redeveloped into a new wing that can be connected to and integrated with the existing convention centre.
The project is expected to add 23,000 square metres of connected convention and exhibition facilities.
Hotel facilities, which complement convention and exhibition activities, and Grade A office space, which can help alleviate the market shortfall, can be built on top of the new convention and exhibition venue.
The Government will continue with the development of a new convention centre above the Exhibition Station of the Shatin to Central Link to provide an additional 15,000 square metres of convention space.
As a longer-term plan, when the reprovisioning of the Wan Chai Sports Ground is satisfactorily resolved, the site may be earmarked for the further development of convention and exhibition facilities to enhance the status of Wan Chai North as a convention and exhibition hub.
