East Asian Miracle

Four Asian Tigers
The Four Asian Tigers: Hong Kong, Singapore, South Korea and Taiwan
Chinese name
Traditional Chinese	亞洲四小龍
Simplified Chinese	亚洲四小龙
Literal meaning	Asia's Four Little Dragons
Transcriptions Standard Mandarin Hanyu Pinyin Yàzhōu sì xiǎo lóng Wade–Giles Yachou szu hsiao lung Tongyong Pinyin Yàjhōu sìh siǎo lóng Yale Romanization Yàzhōu sz̀ syǎu lúng Yue: Cantonese Yale Romanization aa jāu sei síu lòhng Jyutping aa3 zau1 sei3 siu2 lung4 Southern Min Hokkien POJ A-chiu Sì-sió-lêng
Korean name
Hangul	아시아의 네 마리 용
Hanja	아시아의 네 마리 龍
Literal meaning	Asia's four dragons
Transcriptions Revised Romanization asia ui ne mari yong McCune–Reischauer asia ŭi ne mari yong

The Four Asian Tigers, Four Asian Dragons or Four Little Dragons, are the economies of Hong Kong, Singapore, South Korea and Taiwan, which underwent rapid industrialization and maintained exceptionally high growth rates (in excess of 7 percent a year) between the early 1960s (mid-1950s for Hong Kong) and 1990s. By the early 21st century, all four had developed into advanced and high-income economies industrialized developed countries, specializing in areas of competitive advantage. Hong Kong and Singapore have become world-leading international financial centres, whereas South Korea and Taiwan are world leaders in manufacturing information technology. Their economic success stories have served as role models for many developing countries, especially the Tiger Cub Economies.

A controversial World Bank report (The East Asian Miracle 1993) credited neoliberal policies with the responsibility for the boom, including maintenance of export-led regimes, low taxes, and minimal welfare states; institutional analysis also states some state intervention was involved. However, many have argued that industrial policy had a much greater influence than the World Bank report suggested. The World Bank report itself acknowledged benefits from policies of the repression of the financial sector, such as state-imposed below-market interest rates for loans to specific exporting industries. Other important aspects include major government investments in education, non-democratic and relatively authoritarian political systems during the early years of development, high levels of U.S. bond holdings, and high public and private savings rates.