Why did Hong Kong prosper in the 1960s and 1970s?

(1) A more favorable development environment for the outside world. From 1950s to 1970s, the rapid economic development of major developed countries in the world provided good external conditions for the outward-oriented development of Asia. The scientific and technological revolution has turned the production in developed countries into technology and capital-intensive industries, and Asia has high-quality and cheap labor resources, which is the development of labor-intensive industries. The stability of East Asia also enables them to focus on economic development.

② Implement correct economic policies. Since the late 1950s, Taiwan Province Province has abandoned the Keynesian policy and adopted such policies as devaluation to promote exports, raising interest rates to curb inflation, and stimulating residents' savings to increase investment sources. South Korea also followed the example of China and Taiwan Province Province, devaluing its currency and raising interest rates. Singapore, China and Hongkong seized the favorable opportunity to transform consumer cities into industrial cities.

③ Give full play to the positive role of the government. Asian governments have created favorable conditions for economic development in all aspects, actively participated in investment and carried out appropriate economic management.

④ Excellent cultural tradition. In the process of economic development, everyone pays attention to carrying forward the tradition of attaching importance to education, being willing to endure hardships and being thrifty.

⑤ The influence of western values: Hong Kong and Singapore were under British colonial rule, and were deeply influenced in law, education and economy. Taiwan Province Province and South Korea were deeply influenced by the United States after the 1950' s, and were able to connect with the western value system and economic system.