 It is widely expected that around the 2020s, China's economy will surpass the United States and reassert its position as the world's largest economy.In the early 1960s, the British colony of Hong Kong became the first of the Four Asian Tiger economies by developing strong textile and manufacturing industries and by the 1970s, had solidified itself as a global financial center and was quickly turning into a developed economy.Following in the footsteps of Hong Kong; South Korea, Taiwan, and the city-state of Singapore soon industrialized thanks to capitalist and open policies by their efficient governments.