I think it's later - I am fairly sure that size 4 first appeared in 1968-1969 in the US. It could also be later '70's or late '80s. I got married in 1988 and my dress had covered buttons and Chinese cutwork. It's very cute!
These are difficult to date as they made them over several decades. I would say it is older mainly due to the dark embroidery outlining the rest, that is unusual in the later models. Also the cut of this one seems more like 50s to me.
I didn't/don't see that as dark thread - I see it as open spaces between the white threads. Several years ago I spent a lot of time going through sources to determine when size 4 first appeared and it was the late 1960s. I wonder if this piece could be an '80's does '50's? I remember cutwork was very popular in the late '70's and early '80's, also. It may have had a midi-length skirt that went with it.
I used to buy these for myself brand new from a large Chinese import shop in Montreal back in the late 1960s and the ones I bought were sized as 34 / 36 / 38 etc. I wonder if the size 4 could actually be Chinese sizing (not made for export). Curious to know if it is open work or darker embroidery, as Linn and I saw it differently. I actually have a few now that I have purchased as new old stock from a Chinese import shop that closed down in the late 1980s and still had old store stock, in the original plastic bags. The only problem with these is that they have yellowed where the fold lines, simply from age. I need to launder all of them. Some of the ones I have are actually from the 40s, 50s, 60s and 70s. I have a couple right near me, only one has a size label and it is a 36. The texture of the silk is often different with the older models.
The fabric of the top Aimee is asking about looks to me like it is linen or cotton not silk. I think size 4 is an American size. That doesn't mean that the top was made in the US - it could have been imported but if it is from the '60s and from Hong Kong it would be marked 34 or 36 - not 4. This is the only photo I have scanned of my wedding dress. It by Nancy Johnson, the label says Linen, made in Hong Kong - and coincidentally it is a size 4. I bought it in SF in early March of 1988. It is a little more ecru and the covered buttons are crocheted. Lots of cutwork on the peplum and skirt but it doesn't show in the photo. I still have it - Maybe I'll take a quick photo with my phone!
Just took quick photos with my phone: This shows how long the skirt is. It has shoulder pads - very '80's and with a big nod to the '40s! I will have to scan a photo of me wearing it that shows more of the dress.
The shape with that nipped-in waist and those darts/pleats at the waist make me think 50s too. You see this a lot in 1950s blouses and blouse sewing patterns, because these were all worn tucked into a skirt or pants. I have used a few 1950s patterns, and this is just so typical.