Economy of Hong Kong in the context of "Economy of East Asia"

The Four Asian Tigers (a.k.a. the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Between the early 1950s and 1990s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year.

By the early 21st century, these economies had developed into high-income economies, specializing in areas of competitive advantage. Hong Kong and Singapore have become leading international financial centres, whereas South Korea and Taiwan are leaders in manufacturing electronic components and devices; Taiwan now produces the most advanced semiconductor chips in the world; South Korea has also developed into a major global arms manufacturer. Large institutions have pushed to have them serve as role models for many developing countries, especially the Tiger Cub Economies of Southeast Asia.

The Liberation of Hong Kong (Yue Chinese: 香港重光), also known as the British Reoccupation of Hong Kong (Yue Chinese: 英國重佔香港) or the Resumption of British Sovereignty Over Hong Kong (Yue Chinese: 英國對香港恢復行使主權), refers to the end of Japanese occupation of Hong Kong following Japanese surrender on 15 August 1945, the arrival of the Royal Navy on 30 August, and the official surrender ceremony in Hong Kong on 16 September. Prior to the surrender in the Cairo Conference, leader of Nationalist China Chiang Kai-Shek once requested that Hong Kong come under Nationalist control after the war, but the British rejected. As friction increased between Nationalists and Communists in China, Chiang relented and agreed to resume British sovereignty instead. In the position of Supreme Commander of Allied forces in China Theater, Chiang delegated Admiral of the Royal Navy Cecil Harcourt to accept Japanese surrender. As a result of British rule, Hong Kong was able to avoid the bloodshed of the Chinese Civil War and paved the way for economic growth.