Hong Kong's first ever trade fair for film and TV kicked off Wednesday featuring more than 70 exhibitors.
The Hong Kong International Film Market, "Filmart" allows international and local distributors to showcase their productions to a variety of entertainment industry heavyweights.
But with merely 19-days remaining before China resumes sovereignty on the British colony, fears of censorship may cause concern in this year's debut exhibition.
Hong Kong's International Film Market opened Wednesday in the territory.
Local celebrities, such as action star Chow Yun-fatt also attended the opening ceremony.
Hong Kong is the world's second largest movie distributor behind the US, exporting more than 200 titles each year.
It is the third largest film producer in the world after Hollywood and Bollywood, India's equivalent of the American movie hub.
For Hong Kong's film industry, uncertainty concerning freedom of expression and freedom of art are what worries film producers.
Whether these liberties will remain without interference from the Central government once China takes over, is still questionable.
Many say Hong Kong's film market will have the same freedoms after the territory reverts to Chinese sovereignty on July 1st.
The Secretary for Broadcasting and Culture guarantees the government will keep minimum intervention while providing the maximum support after handover.
"Film and Television industry will continue to be governed by the existing laws of Hong Kong. And the existing laws only limits their freedom of expression in respect of sex and violence, beyond that we do not have other criteria to say which film or TV program
may or may not be able to be shown. And that will continue to be the case after 1997, after the 1st of July. "
SUPERCAPTION: Chau Tak Hay, Hong Kong Secretary for Broadcasting, Culture and Sport
Others fear that tight government censorship will apply to the territory as it currently does in Mainland China.
Production is only allowed in official studios in China and all scripts must have the ministry's approval prior to public showing.
With talks on unification along the China and Taiwan straits, Taiwanese film makers are optimistic about Hong Kong's future.
They say the handover will actually bring the Mainland, Hong Kong and Taiwan closer together.
"I don't think 97 will have any effect because we do get to corporate with the Mainaldn Chinese and purchase their films, so I don't think 97 will have any effect. it may even be better for us (our industry)."
SUPER CAPTION: Wu Kon, spokesperson for the Motion Pictures Association of Taipei
Hong Kong TV giant TVB also think the handover will have a positive effect on Hong Kong.
"Well, if there is anything on the film industry, the handover will give us greater opportunities for working with China and working with many of the countries in the region. So there should be a positive effect on the handover."
SUPER CAPTION: Alex Ying, general manager of Television Broadcasts Limited
With the world focusing on the Hong Kong handover which will take place in less than 20 days, Hollywood is also cashing in on this historic event.
Hong Kong born director Wayne Wang is making a film "The Chinese Box" staring British actor Jeremy Irons and the rising Chinese star Gong Li in a love story focusing on the exciting moments surrounding this once-in-a-lifetime occasion.