In the 60s and 90s of the last century, the "Asian Tigers" were born, which were once the pride of the Asian economy, but now they are gradually fading in the torrent of the times.
How did the "Asian Tigers" disappear from the public eye?
The rise of the "Asian Tigers".
The "Asian Tigers" refer to South Korea, Singapore, and Hong Kong and Taiwan on the mainland. They have obvious geographical advantages, all of them are located in the sea traffic fortress area, with the conditions of sea transportation.
The "Asian Tigers" have all been invaded or ruled by other countries, Hong Kong and Singapore were once controlled by the British, and Taiwan and South Korea were colonized by Japan.
So how did they become the "Asian Tigers"?
Singapore's ability to become one of the "Asian Tigers" is related to its geographical location and domestic business environment.
Despite its small size, Singapore is bordered by the Strait of Malacca, one of the busiest ports in the world. During the British colonial rule of Singapore, Singapore's port was used to develop its economy, and in the process, Singapore's infrastructure construction was indirectly improved.
After Singapore got rid of British colonial rule, it planned and improved the domestic business environment and relevant laws and regulations, providing good economic development space for foreign investors.
In addition, Singapore also pays attention to the connection with the world, actively establishes relations with advanced countries, and introduces technology from these countries to promote Singapore's economic development.
South Korea's economic development has a great deal to do with the United States.
After the end of the Korean War, South Korea's economy collapsed almost completely, the country's infrastructure was severely damaged, and inflation was extremely high.
South Korea had no choice but to turn to the United States, and from the mid-40s to the 70s of the last century, the United States and other Western countries provided South Korea with $26 billion in aid. This has eased the pressure on South Korea's economy to a certain extent and given the South Korean economy a chance to breathe.
South Korea's leaders have accelerated the construction of domestic infrastructure, stepped up the development of manufacturing, textile and other industries, introduced foreign technology, and created factories. At the same time, the ROK has also strengthened quality education and made full preparations for economic development.
Coupled with the support of the United States and other Western countries, it took just over 30 years for South Korea to create the "Han River Miracle" and become the world's 11th largest economy, becoming a developed country in 2006.
When Chiang retreated to Taiwan, he took away 400,000 taels of gold from the mainland, as well as a lot of equipment and technicians, all of which laid the foundation for Taiwan's economic take-off.
According to statistics, between 1949 and 1980, the United States and Western countries gave more than $12 billion in economic aid, loans, and investments to the mainland and Taiwan region, of which the United States provided more than $9 billion.
In addition to financial support, the United States has also introduced high-tech industries to mainland Taiwan, such as the semiconductor industry.
The mainland and Hong Kong can become the "Asian Tigers", and the United Kingdom has made a lot of efforts.
During the British control of Hong Kong, Hong Kong became a hub port connecting to the world trade, and invested a lot of financial and human resources to build and improve some infrastructure.
But with the development of society, more and more Chinese poured into Hong Kong, and they laid the material foundation for Hong Kong's economy. Hong Kong Governor Hennessy once said, "Nine-tenths of Hong Kong's fiscal revenue is financed by the Chinese." ”
With money, convenient transportation, and an abundant labor force, Hong Kong's exchanges with the rest of the world have gradually increased, and its economy has begun to take off.
Since the "Asian Tigers" once firmly ranked at the forefront of the Asian economy, why did they "disappear" overnight?
The decline of the "Asian Tigers".
In general, the rise of the "Asian Tigers" is inseparable from "foreign investment" and "foreign technology introduction". It can be said that the "Asian Tigers" have relied on relying on foreign capital and technology to "support" them, and their industrial base is relatively weak and their industries are single.
In 2016, Taiwan Province of the mainland ranked at the end of the "Asian Tigers", mainly because most of Taiwan's high-tech industries lack the ability to innovate independently, and the entire high-tech industry is concentrated in the fields of optoelectronics and semiconductors.
Moreover, the United States has repeatedly stirred up the situation in the Taiwan Strait, and to a certain extent, it has also created pressure on the mainland's economic development.
Hong Kong on the mainland is also facing a similar problem, and the "Sino-US economic and trade war" unilaterally launched by the United States has had an impact on Hong Kong's economic development. Coupled with the financial crisis in previous years and the new crown epidemic in 2020, Hong Kong's economy has "worsened", and there will be negative economic growth in 2022.
In the context of the global economic slowdown, the development of Singapore's economy has also been problematic, even with a large influx of funds, Singapore's economy has not experienced rapid growth, but domestic prices have soared, and the inflation rate in 2022 has reached 6.1%.
South Korea's economic problems are even more acute, with a record record in 2022 when South Korea's GDP fell out of the top 10 in the world and its trade deficit reached $47.2 billion.
Generally speaking, the "Asian Four Little Tigers" are both successful and defeated. Relying too much on foreign capital to develop the economy will also slow down the pace of development due to foreign investment.
Second, the industries of the "Asian Tigers" are relatively single, most of them are export-oriented economies, mainly relying on import and export trade and high-tech industries, and their ability to resist risks is low.
Today, the "Asian Tigers" are all looking for new economic outlets. For example, Hong Kong on the mainland is vigorously developing the service industry and tourism, adjusting the industrialization structure, and with the help of the mainland, Hong Kong's economy is gradually extricating itself from its predicament.
Regarding Singapore's economic predicament, some experts believe that the best way for Singapore to stabilize its economy is to maintain and expand its economic cooperation with the mainland.
Although the mainland's economy took off later than the "Asian Tigers," the mainland's economy has been stable, like a large aircraft carrier, and even in the face of the global financial turmoil, it is not as close to collapse as the United States and other Western countries.
In recent years, the mainland has continuously improved its ability to innovate independently, accelerated the pace of industrial upgrading, continuously expanded a new situation of development, and steadily developed the economy.
If the "Asian Tigers" want to solve their economic predicament, they still cannot rely too much on the United States and other Western countries.
Resources:
[1] Economic Journal of the Special Economic Zone, The Rise of the Asian "Four Little Tigers", 20000425
[2] Minzhi International Research Institute, "Economic Breakthrough, Where is the Road - On the Rise and Fall of Asia's "Four Little Tigers"", 20191220
[3] CCTV "South Korea's GDP fell out of the top ten in the world! Why does the "canary" cry 20230715