The first step towards industrialization was land reforms, a crucial step in modernizing the economy, as it created a class of landowners with capital they could invest in future economic endeavors. Taiwan has historically benefited from the flight of many well-educated, wealthy Chinese to settle on the island : during the early Qing Dynasty, the preceding Ming dynasty supporters survived for a brief period of time in exile in Taiwan, and in 1949, as the Chinese Communist Party gained control of mainland China, two million Kuomintang (KMT) supporters fled to the island. ![]() Private Taiwanese investment in mainland China is estimated to total in excess of US$150 billion, and official tallies cite Taiwan as having invested a comparable amount in Southeast Asia. aid in the 1950s and early 1960s to an aid donor and major foreign investor, with investments primarily centered in Asia. Taiwan has transformed itself from a recipient of U.S.
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