From the perspective of political economy, what is the miracle of East Asia?

The East Asian miracle is an economic term published by the National Committee for Examination and Approval of Scientific and Technological Terminology in 2020, which comes from the first edition of Economic Terminology. The economies of China, Taiwan Province Province, South Korea, China, Hongkong and Singapore in East Asia, after the development in 1950s and 1970s, quickly became emerging industrial countries (and regions) from backward countries and entered the threshold of developed countries (and regions), which can be called a "miracle" in the history of world economic development. [ 1]