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Taiwan changed from a traditional agriculture society into an industrialized modern country within roughly one century. This fast development was regarded as a model for developing countries. Taiwan together with Hong Kong, Singapore, and South Korea became known as the Four Asian newly industrialized countries (NICs) in the 1970s, recognized for their successful economic development. However, on its way to becoming a high-income developed country, Taiwan encountered a number of difficulties. Some of them might have been caused by the political threat from China, but there were other challenges that were common to many middle income countries. Taiwan’s experiences of the latter may offer lessons to other developing countries. The difficulties for Taiwan caused by China may offer more alarming lessons for countries—including developing countries—that face growing interactions with China.