One of the major innovations in the recent wave of education reform in Hong Kong is the target-oriented curriculum. An interesting feature of this new curriculum initiative was its amoebic characteristics - changing shape and focus in its course of development. It was reshaped from an assessment system for accountability purposes to a centrally developed curriculum initiative for improving teaching and learning, and finally to a school-based curriculum development. In this paper, this course of development and the reasons behind it will be described and analysed. The study suggests that the two-tier educational policy and implementation system in Hong Kong is a major cause leading to such a phenomenon. If this system were not improved, the possibility of achieving real changes at the school and classroom level would be low. [Copyright of Journal of Education Policy is the property of Routledge. Full article may be available at the publisher's website: http://dx.doi.org/10.1080/0268093032000145890]