 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.By 1997, Hong Kong, Taiwan, and South Korea joined Japan as developed economies in East Asia, while Singapore became the sole developed economy in Southeast Asia.