[citation needed] The popular stereotype of the city holds that its residents are far too focused on getting and spending to concern themselves with the ephemeral affairs of art and culture.
It has been argued that the role of art and culture in Hong Kong has taken on increasing prominence in city's search for an identity in the ten years since China resumed sovereignty over the territory.
The limitations on democracy in post-colonial Hong Kong may lead more residents to seek expression or confirmation of their identities through arts and culture.
Critics have complained of the government's over-reliance on advisory committees and consultations in managing cultural affairs on the grounds that it is inefficient and contrary to global trends in arts administration.
[9] In the 2006-2007 Policy Address,[10] Hong Kong Chief Executive Donald Tsang announced that the Arts and Sport Development Fund would receive US $5 million to support cultural activities.
Globally, Hong Kong's most noted contribution in terms of arts and culture has come through its film industry, which is the world's third largest (after Hollywood and Bollywood).
In his 2007-2008 budget,[11] Financial Secretary Henry Tang announced that US$40 million would be earmarked for a new fund to finance film production and professional development within the industry.
After the demolition of the Star Ferry Pier in December 2006 led to widely publicised protests, the government is reviewing its policies on heritage conservation.
The Antiquities and Monuments Office has published a list of 491 graded historic structures[12] throughout the territory, though no decision has been made on the extent of protection for these buildings.