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This paper provides a broad-based background to the major innovation-related organizations, policies and institutions that have shaped Hong Kong's innovative landscape over the past decade and a half and determined the trajectory of its innovation system. The examination reveals three key issues: First, the Asian Financial Crisis was the major catalyst for change in the development of Hong Kong's innovation system. Second, the ecology of Hong Kong's innovation system grew in an unprecedented manner following 1998. Finally, this growth in the elements of the system indicates promising directions in which to drive future in-depth research. [ABSTRACT FROM AUTHOR]