Sino-American Mutual Defense Treaty
During the 1960s and 1970s, the ROC maintained an authoritarian, single-party government while its economy became industrialized and technology-oriented. This rapid economic growth, known as the Taiwan Miracle, was the result of a fiscal regime independent from mainland China and backed up, among others, by the support of US funds and demand for Taiwanese products. In the 1970s, Taiwan was economically the second fastest growing state in Asia after Japan. Taiwan, along with Hong Kong, South Korea and Singapore, became known as one of the Four Asian Tigers. Because of the Cold War, most Western nations and the United Nations regarded the ROC as the sole legitimate government of China until the 1970s. Later, especially after the termination of the Sino-American Mutual Defense Treaty, most nations switched diplomatic recognition to the PRC (see United Nations General Assembly Resolution 2758).