Taiwan,also known as Formosa , is an island situated in East Asia in the Western Pacific Ocean and located off the southeastern coast of Mainland China. "Taiwan" has also become a commonly used alternative name both domestically and internationally to refer to the entire country of Republic of China after the ROC lost international diplomatic recognition as "China" in the 1970s.
Separated from the Asian continent by the 120 kilometres (75 mi) wide Taiwan Strait, the main island of the group is 394 kilometres (245 mi) long and 144 kilometres (89 mi) wide. To the northeast are the main islands of Japan and the East China Sea, and the southern end of the Ryukyu Islands of Japan is directly to the east; the Batanes Islands of the Philippines lie to its south across the Bashi Channel. The mountainous island spans the Tropic of Cancer and is covered by tropical and subtropical vegetation. Other minor islands and islets of the group include the Pescadores, Green Island, and Orchid Island as well as the Diaoyutai Islands which have been controlled by Japan since the 1970s.
Taiwan's rapid economic growth in the decades after World War II has transformed itself into an advanced economy as one of the Four Asian Tigers. This economic rise is known as the Taiwan Miracle. It is categorized as an advanced economy by the IMF and high-income economy by the World Bank. Its technology industry plays a key role in the global economy. Taiwanese companies manufacture a large portion of the world's consumer electronics, although most of them are now made in their factories in mainland China