insisted that US policy on Taiwan has not changed. The joint declaration on security between the US and Japan signed in 1996 may imply that Japan would be involved in any response. However, Japan has refused to stipulate whether the "area surrounding Japan" mentioned in the pact includes Taiwan, and the precise purpose of the pact is unclear. The Australia, New Zealand, United States Security Treaty (ANZUS Treaty) may mean that other US allies, such as Australia, could theoretically be involved. While this would risk damaging economic ties with China, a conflict over Taiwan could lead to an economic blockade of China by a greater coalition. Economy The quick industrialization and rapid growth of Taiwan during the latter half of the 20th century has been called the "Taiwan Miracle". Taiwan is one of the "Four Asian Tigers" alongside Hong Kong, South Korea and Singapore. As of October 2022, Taiwan is the 21st largest economy in the world by nominal GDP. Since 2001, agriculture constituted less than 2 per cent of GDP, down from 32 per cent in 1951. Unlike its neighbours, South Korea and Japan, the Taiwanese economy is dominated by small and medium-sized enterprises, rather than the large business groups. Traditional labour-intensive industries are steadily being moved offshore and with more capital and technology-intensive industries replacing them. High-technology science parks have sprung up in Taiwan. Today Taiwan has a dynamic, capitalist, export-driven economy with gradually decreasing state involvement in investment and foreign trade. In keeping with this trend, some large government-owned banks and industrial firms are being privatized. Exports have provided the primary impetus for industrialization. The trade surplus is substantial, and Taiwan remained one of the world's largest forex reserve holders. Taiwan's total trade in 2022 reached US$907 billion, according to Taiwan's Ministry of Finance. Both exports and imports for the year reached record levels, totaling US$479.52 billion and US$427.60 billion, respectively. China, United States and Japan are Taiwan's top 3 largest trading partners, accounting for over 40 per cent of Taiwan's total trade. Since the beginning of the 1990s, the economic ties between Taiwan and China have been extensive. In 2002, China's share surpassed the United States to become Taiwan's largest export market for the first time. China is also the most important target of Taiwan's outward foreign direct investment. From 1991 to 2022, more than US$200 billion have been invested in China by Taiwanese companies. China