The economic development model of "Asian Four Little Dragons" is different from other types of development models: (1) There is a virtuous circle among high savings, high investment and high export growth, which drives the sustained and rapid economic growth. Per capita GNP is close to the level of moderately developed countries and is listed as a high-income country and region by the World Bank. (2) The structural transformation of the industrial sector is characterized by leaps and bounds. The proportion of primary industry in GDP has dropped rapidly, while the proportion of emerging manufacturing industry in secondary industry has suddenly increased, and the products are highly export-oriented. The tertiary industry has developed by leaps and bounds ahead of schedule and is rapidly moving towards internationalization and informationization. (3) Strong external balance ability. Except for South Korea, the foreign trade of the other three economies is in surplus, and the current account has maintained a huge surplus for many years, with abundant foreign exchange reserves and no foreign debt burden. (4) Socio-economic indicators reflecting economic development, including life expectancy per capita, infant mortality rate, medical care and nutrition, people's education level, income distribution and poverty reduction, have generally improved significantly, and some have reached or even exceeded the level of developed countries.

However, from the characteristics, the per capita GNP of the "Asian Four Little Dragons" is obviously in two different grades, and Singapore and Hong Kong are 1 to 2 times higher than Taiwan Province Province and South Korea. The combination of economic growth source factors is also very different. In the early stage of economic development, Singapore and Hongkong mainly relied on labor and capital input, while South Korea and Taiwan Province Province mainly relied on the total factor productivity provided by the United States, such as military and economic assistance, land reform, import of alternative industries and export of agricultural products. After 1960s, TFP has played an increasingly important role in the economic growth of Singapore and Hong Kong. Singapore relies heavily on export-oriented industrial policies, technological innovation and financial deepening brought by foreign direct investment. Hong Kong mainly benefits from the development and deepening of the financial industry and the free trade policy. Technological innovation has also played a key role in the rapid economic growth of Taiwan Province Province and South Korea. Taiwan Province Province mainly obtains advanced technology by introducing foreign direct investment and cooperating with local enterprises, while South Korea mainly uses foreign loans to purchase complete sets of equipment and technology, and on this basis, imitates, transforms and innovates (Note: Amsden, A.H., the next giant in Asia: South Korea and Latelndustrialization, Oxford University.

Press, 1989. )。 The evolution of economic structure reflects different characteristics. South Korea and Taiwan Province Province are characterized by the transformation from agricultural sector to industrial sector and then to high-tech manufacturing sector. On the other hand, Hong Kong and Singapore have rapidly shifted from low-productivity activities in service sectors (such as warehousing trade and informal urban sectors) to manufacturing, modern financial sectors, modern commercial trade, transportation and communication, and the industrialization process is asynchronous. Hong Kong's industrialization process has only gone through two stages, namely, from the export of resource-intensive and labor-intensive manufactured goods (1950 ~ 1970) to the mixed export of capital-intensive or technology-intensive products (1970 till now). Although the industrialization process of New Zealand, South Korea and Taiwan Province has experienced four stages of development, the division of stages and the emphasis of industrial support are not consistent. The external balance of Singapore, Hongkong and Taiwan Province is stronger than that of South Korea. The current account in the balance of payments has been in surplus for a long time, and the foreign exchange reserves are abundant, which greatly exceeds the international standard of the total import trade for three months, and there is no foreign debt burden. South Korea's current account of international payments has been in deficit for a long time, and its debt burden is heavy. Social and economic indicators reflecting the level of economic development are different because of their differences. The living standards of Singapore and Hongkong are considered to be the highest in Asia except Japan, and some indicators even exceed those of developed countries, while those of South Korea and Taiwan Province Province are lower. However, the income distribution between Taiwan Province Province and South Korea is relatively fairer than that between Singapore and Hong Kong (Note: measured by Gini coefficient, Taiwan Province Province is 0.299( 1987) and South Korea is 0.3 16 (16). )。