Fund established

The Hong Kong government has invested in and professionalized sports, Wong added. For example, in 2012, it established the Elite Athletes Development Fund to provide financial support to the HKSI, which was set up to train and support elite athletes.

According to the HKSI's latest annual report, it received total funding of HK$664.5 million for the 2019-20 fiscal year. Some HK$112.1 million of this was direct financial assistance for elite athletes, with the remainder allocated to train these competitors and for operational expenditure.

Meanwhile, the government and the HKSI also provide former athletes with career guidance.

Wong believes that all these measures will ease public concern that athletes cannot support themselves financially.

On Oct 6, Lam, the Hong Kong chief executive, announced in the last Policy Address of her current term the plan of a Culture, Sports and Tourism Bureau to consolidate the city's strengths in these fields.

Wong said this is the most logical move made in the best interest of these sectors.

He added that the Olympics are good examples of how "chemistry" works in combining culture and sports.

Large crowds could be drawn to Hong Kong if the city held regular international sports and cultural events, which would benefit the local tourism industry, he added.