Developed Countries

According to the United Nations definition, there is no established convention for the designation of "developed" and "developing" countries or areas. In common practice, Japan in Asia, Canada and the United States in North America, Australia and New Zealand in Oceania, and Western Europe are considered "developed" regions or areas. In international trade statistics, Israel is also treated as a developed country; and countries of eastern Europe and the former Soviet Union (U.S.S.R.) countries in Europe are not included under either developed or developing regions." Nowadays the more comprehensive group of "developed countries" also covers the East Asian Tigers (Hong Kong, Singapore, South Korea and Taiwan). Hong Kong has long been considered developed by the IMF which grants the formal classification of developed countries. Although Hong Kong was handed over to the People's Republic of China (PRC), which is a developing country, it is still considered internationally as separate economic entities (as it has its own currencies - the Hong Kong Dollar) and a separate political system according to the Basic Law of Hong Kong. Due to the difference between its economy and that of mainland China, its  territory retain its own border and custom controls.