For a novice businessman: the service sector. Evolution of the service sector in Asia Share of services in GDP of developed countries

The choice of your business is largely determined by the economic prospects of a particular activity. A novice entrepreneur should pay attention to the rapidly developing sector of the Russian economy - the service sector.

The service sector is a set of activities aimed at the production and sale of services to the population.

Since the end of the 1990s, the attitude of the state towards the production and supply of services to the population has changed. Over the past years, the share of the services sector in GDP has noticeably increased, but nevertheless, Russia lags behind the countries of Europe and the United States in these parameters. Thus, the US economy is sometimes called a service economy, since the share of service maintenance in is 77%.

In addition, the service sector plays an important role in the employment of the population. The production of services in some cases does not require large investments and guarantees the creation of jobs and economic stability. In other cases, it ensures the improvement and development of industry.

Today, the service sector is improving significantly, new technologies and modern forms of service and interaction with customers are being introduced, and competition among service companies is also increasing.

The classifications are different according to the chosen criteria. However, there are some that give a general idea of ​​such a type of entrepreneurial activity as the service sector.

According to the criterion of "population's needs": services in terms of goods (consumer services, transport, communications), services in terms of goods (education, science, physical culture and sports, art), production in the social sphere (housing and communal services, health care, trade).

According to the criterion of "tangibility - intangibility" Lovelock distinguishes:

a) services that are tangible actions that are aimed at the human body (health, sports and tourism, catering , transport, beauty and hairdressing salons, etc.);

b) services that are tangible actions that are directed to other physical objects (freight transport, veterinary services, repair and maintenance of equipment, household services);

c) services that are intangible actions aimed at (media, information, education, cultural institutions);

d) services representing intangible actions with intangible assets (insurance, banks, legal services and others)

According to the criterion of "economically significant prices" are divided into market (transport, trade, education, healthcare, household, financial intermediation and others) and non-market (science, free education and medicine, defense, management)

According to the criterion of “object of service provision”, the European Union distinguishes three types: a) for the consumer (car repair, beauty salons, catering, hotel business, etc.); b) for business (legal, audit, consulting, information, computer, wholesale , and others); c) for the consumer and business.

It is necessary to pay attention to such a factor in the development of the service sector as territorial location. Each region, due to its natural and ethnic characteristics, forms a certain set of consumer services. It should be noted that the volume of paid services in Russia has increased markedly in recent years.

So, if the service sector is the final choice of a novice businessman, then it is necessary to bear in mind some features of the services. Services are produced and consumed at the same time, so their sale depends on the skills of the staff. They are intangible, so an important factor in the economic growth of the enterprise is the trust of the consumer. There are difficulties in identifying and accounting for services.

1. Studies in macroeconomics.

When I read textbooks on macroeconomics, I am reminded of a course of lectures on psychiatry that I took in my youth as a medical student. Most often, I remember the classic type of violation of mental activity called "paralogical thinking". This is such a way of reasoning as in the well-known joke: "The box is square, so it contains a round one. If it's round, it means orange. Well, if it's orange, then it's an orange!"

Don't believe? Then I will cite a well-known life situation: in one country, for example, they produced a million cubic meters of commercial timber, cast a million tons of iron and rolled up a billion cans of pork stew and condensed milk in case of hunger. Let's say that all this costs a trillion dollars and is the gross national product. In a couple of decades, the GNP of this country has increased fivefold. Namely, four trillion were done in erotic massages, manicures, pedicures, hair styling and makeup, and another trillion were served to visitors in strip bars and topless cafes. Cast iron, condensed milk and stew were imported from abroad in wooden boxes, which were used instead of wood, which they did not chop and saw themselves. Paid as usual in dollars. They printed a lot of dollars so that there was enough for everyone.

In this case, what should the author of a normal macroeconomics textbook explain to me? He must show me with his fingers why it has become unprofitable in the country to produce wood, cast iron, stew and condensed milk; why they began to do erotic massages instead, and why trading partners still accept paper dollars for payment and give stew and condensed milk for them, although these dollars are no longer provided with anything other than erotic massage.

Structure of Russia's GDP

The modern Russian economy is characterized by its transitional state, as well as the presence of state ownership in some of the most important and strategically significant areas of life. During the period of gaining full independence, some market reforms took place, which helped to implement the privatization processes of most of both industrial and agricultural enterprises. The exception was the energy and military sectors of Russia. The modern GDP of the Russian Federation is directly dependent on income from the hydrocarbon industry, which includes oil and gas products. They make up about 10% of the gross domestic product, 50% of the federal budget, and just over 70% of all exports. Russia's share in the world's GDP is approximately 3%.

As of 2017, Russia's GDP is approximately 7975.8 billion rubles. This is only 0.6% more than the previous year. According to the State Statistics Committee, Russia's GDP per capita is 485.8 thousand rubles. According to the main sectors of the economy, the structure of Russia's GDP is as follows:

1. Agricultural structure - 4%;
2. Industry - 36.3%
3. Services - 59.7%.

Remark 1

Also, the activities of the State Statistics Committee are related to the study of the percentage of primary income in the gross domestic product. For example, wages for wage earners are approximately 52%, net taxes are 15.7%, and the overall profit of the economy is 32%.

As for the contribution of other categories to Russia's GDP, it looks like this: 15.6% falls on the manufacturing industry, 12.3% falls on rent and public administration services and military security. Mining is 10.1%. Other categories also include the following:

1. Transport and communication services - 8.7%;
2. Social insurance of the population - 6.6%;
3. Construction services - 6.5%;
4. Financial activities of economic personnel - 5.4%;
5. Social services (primarily health insurance and health care) - 4.2%;
6. Agriculture and forestry, hunting in specially permitted areas - 4%;
7. Production of electricity, its subsequent distribution, distribution of gas and water in the structure of the population - 3.4%;
8. Educational services - 3%;
9. Other services of a communal, social and personal nature - 1.8%;
10. Restaurant business and hotel services - 1%;
11. Fishing (permitted in specially designated areas, as an officially fixed activity) - 0.2%.

The specifics of Russia's GDP

Definition 1

The GDP of any country is the total market value of all goods and services produced domestically in a given period of time.

Most often, the value of the gross product is used to determine the potential of the economy of a particular country, as well as to predict its future. However, the defining value for this analysis is not the size of GDP, but its structure in accordance with the industries operating in the state. That is, it is necessary to know from which sources the total income of the state is formed.

Most often, economists note that Russia's GDP is most dependent on the supply of oil and gas products. But Rosstat data on the structure of the GDP of the Russian Federation for the period 2016-2017. indicate that this statement is not entirely true. According to statistics, the main areas that form the gross product of Russia are the following:

• Real estate transactions at various levels - 15.39%;
• Wholesale and retail trade - 14.18%;
• Manufacturing production in several areas - 12.73%.

As for the share of oil, in Russia's GDP it is even less than 9%. Thus, the Russian Federation, despite the obvious difficulties and contradictions that have developed in the economic sphere in recent years (the economic crisis, conflicts in Syria and Ukraine, sanctions from the United States of America and Europe), has a fairly good potential for growth. Experts' forecasts indicate that industry and services will continue to develop, which will allow the economy to remain stable.

However, there are also areas that cannot be called successful. restaurant business is in complete stagnation , the share of which is less than one percent. As for the contribution of higher education, it is also very modest - only 2.5% (according to the data at the beginning of 2017, this figure also decreased). The share of SMEs (small and medium-sized businesses) in the structure of Russia's GDP is approximately 20%. However, it should be noted that this figure could be much higher. retail trade on the gross product decreased significantly – by 10.1%. The same applies to the manufacturing industry - by 5.5%.

Remark 2

Thus, we can conclude that, despite the focus of the Russian economy on the extraction and further export and sale of minerals, their contribution to Russia's GDP has noticeably decreased.

Over the past 4 years, researchers have noted a decrease in the share of mineral processing by almost four percentage points. First of all, this is due to a surge in activity in the services market. According to Rosstat, this type of activity brought the GDP of the Russian Federation almost 9.4 trillion rubles in 9 months. rubles. This is a significant increase in volume compared to 2012 (by 3.1 trillion rubles).

The industry that is engaged in import substitution - agriculture is also growing. In connection with the sanctions that were imposed on Russia by many European countries, as well as the United States of America, our country was forced to switch to its own production in order to get rid of dependence on the above-mentioned countries. Today, the share of agriculture in Russia's GDP is 4.4% (for comparison, but in 2012 this figure was 3.8%). In absolute terms, this number exceeds 400 billion rubles.

The service sector has been gaining more and more stable positions in the world economy in recent decades. Many countries are characterized by an increase in the volume of production of services, an increase in income from service activities, an increase in employment in this area, and an increase in exports and imports of services. The changes taking place in the service sector are so significant on a global scale that the modern economy has been awarded the definition of "service" or "service economy".

The trend towards an increase in the share of income from the service sector in GDP emerged in developed countries in the 1960s and 1970s. The service sector currently accounts for about 70% of global GDP, according to World Bank estimates.

The leading countries, whose share of income from the service sector exceeded 3/4 of GDP, include, in particular, Luxembourg (85%), France (77%), USA (76%), Belgium (75%), Great Britain (75% ). The service industry accounts for more than 50% of GDP in almost all countries of Western Europe and North America, as well as in some countries of Southeast Asia, for example, in Hong Kong (90%) and Singapore (69%). For such countries, a high level of development of the service sector, as a rule, is harmoniously provided by a wide variety of types of service activities: financial, credit and educational, household and tourism, medical, telecommunications and other services.

At the same time, a significant increase in the share of employment in the service sector compared to the corresponding value for industrial production should be noted. The highest employment in the service sector in the US (79% of the employed population), the Netherlands (78%), the UK (76%), Sweden (76%), Luxembourg (76%), Canada (76%), Australia (75%) , France (74%), Belgium (74%), Denmark (74%) and some other countries.

A high level of development of the service sector is also characteristic of a significant number of states that do not belong to the highly developed group. For example, the share of services in GDP in 2007 was 65% in Jordan, 62% in Tunisia, 60% in Jamaica, and 54% in Paraguay. It is noteworthy that the service sector of such countries is often dominated by individual service industries. These are mainly countries with unique natural resources and (or) countries in whose territory samples of the world cultural heritage are located. The predominant role in their economy is played, as a rule, by the tourism sector, the financial and credit system, transport and some other branches of the service industry.

Such an active development of the service sector in the world is due to the influence of a number of factors, among which K. Lovelock, one of the world-renowned authorities in the field of managing service organizations, identifies five main ones [Lovelock, 2005, p. 59]:

State policy;

Business trends;

Development of information technologies ;

social change;

Internationalization of the service sector.

State policy can have an impact on the service sector by easing state regulation , privatizing service organizations, reducing restrictions on trade in services, tightening laws aimed at protecting consumers and employees, and protecting the environment.

K. Lovelock believes that the most significant business trends

The development of information technologies is manifested in the integration of computer and telecommunication technologies, the increasingly intensive use of computer technology and the Internet, in the emergence of new and improvement of traditional types of services.

Social changes conducive to the development of the service sector consist in the growth of incomes of the population, the transformation of lifestyle, the improvement of the cultural and educational level, which is accompanied by an absolute and relative increase in the cost of consuming services.

The internationalization of the service sector is reflected in the intensification of mergers and acquisitions at the international level, the entry of service organizations into new markets, the emergence of a significant number of strategic alliances, the expansion of the activities of transnational service companies, an increase in the number of foreign trips of service consumers, etc.

The scientific and technological revolution and the structural and technological restructuring of material production are also considered to be the determining factors in the development of the service sector [Demidova, 1999]. The scientific and technological revolution determines the entry into the market of a wide range of innovative services related to information technology, computerization, and new ways of communication. In addition, scientific and technological progress significantly reduces barriers to the transmission of services at a distance, thereby stimulating the strengthening of the international market for services. During the structural and technological restructuring of material production in developed countries in the 1980s. The demand for business services has grown significantly, and as a result, many non-core divisions of large organizations specializing in services have switched to an independent path of business development. The growth of the service sector in recent years is also facilitated by the processes of privatization and deregulation of various industries (transport, telecommunications, insurance, etc.) carried out in many countries, as well as the liberalization of foreign economic relations.

The so-called tertiary sector (services) includes transport and communications, rapidly developing business services (information, accounting, legal), science, education and healthcare. This industry also includes finance, credit and insurance, the entertainment industry and tourism, trade and catering, personal services, and public administration . The rapid increase in the share of the service sector in the GDP of developed countries has been called "servicing the economy."

The development of the service sector in Asian countries in the second half of the 20th century is closely related to the process of industrialization: it contributed to the strengthening of a number of old and the emergence of new industries in the tertiary sector. The evolution of the service sector, in turn, changed the face of industry and its structure. During the years of independence, there have been fundamental changes in the professional level of those employed in the industry, a dynamic growth in the number of engineering and technical personnel has been observed, research centers have been created almost from scratch in many Asian countries.

Recall that in 1950 in Asia (without Japan) about 80% of the economically active population was employed in agriculture (where more than half of GDP was created), 8% - in industry (15% of GDP). At that time, 12% of the active population worked in the service sector and about 1/3 of GDP was created.

By 2000, Asia's share of agricultural employment had fallen to about 42%, and the agricultural sector's contribution to GDP had fallen to 15%. About 17% of the employed worked in industry, which created over 40% of GDP, and in the service sector - more than 40% (slightly less than 45% of GDP). In contrast to the developed countries, in Asian countries there was a further increase in the absolute number of people employed in industry, and in the largest states - their share in the economically active population.

Thus, the most productive subdivision of the economy at the beginning of this century was industry. However, industrial enterprises have been able to make only a very limited contribution to solving the employment problem in Asia. As can be seen from the above figures, the main sphere of absorption of the labor force released in agriculture has become services, in which labor productivity is now significantly lower than in industry. At the same time, this sector is ahead of other units in terms of total value added (table "Share of services in GDP of countries and territories in Asia in 1950-2005"), and employment in it often looks much more attractive than work in agriculture .

Averages hide significant differences between individual countries, both in terms of the share of services in total employment and GDP, and in terms of labor productivity.

The service sector is developing at the fastest pace in Hong Kong (accounting for more than 85% of GDP). In Singapore, the Republic of Korea and Taiwan, this growth was the highest in the last decade and a half and now exceeds 65%. In fact, the listed countries and territories have reproduced the economic structure that has long been characteristic of developed countries, including Japan.

More than 50% of GDP is created in the service sector of countries such as India, the Philippines, Bangladesh, Pakistan, Sri Lanka. However, such a high proportion of the tertiary sector does not always indicate economic success. In these and many other countries in the second half of the 20th century, services increasingly acted as an industry - a social shock absorber, a refuge for unskilled labor. First of all, this concerned trade (especially retail) and personal services. The oversaturation of this sector with the labor force in the large cities of Asia is especially striking.

Separate sectors of the service sector in Asia have not developed as dynamically. In particular, this provision has long concerned transport. The low initial level affected: in the middle of XX. century, Asia (including Japan) accounted for only 8% of the world's railways (by the end of the century this figure had tripled), only four ports were among the major ones - Hong Kong, Shanghai, Kobe and Singapore. The automotive industry and highways were in their infancy, and there was almost no civil aviation.

The weakness of the transport link hindered the progress of the economy. The domestic market remained insufficiently integrated, which did not allow to fully develop the specialization of individual regions, to reveal the economies of scale.

In the first decades of independence, railways were of particular importance for the largest Asian countries. However, as motor transport developed, their share in transportation decreased. The situation in India is typical: at the end of the 1990s, less than 40% of the freight turnover of modern transport was accounted for by railways, compared to almost 90% in 1951.

Railway construction in China is being carried out on a grand scale. By the beginning of the 21st century, the PRC accounted for more than a quarter of the world's railway cargo turnover. High-speed highways are being built, in 2006 the highest mountain railway in the world was put into operation, linking Qinghai province with Tibet. But even in this country, the share of railways in the transportation of goods and passengers is gradually decreasing (over the past 25 years it has decreased from 57 to 32%). This type of transportation is gradually giving way to road, water and air transport.

Maritime shipping in Asia plays the role of the main cargo carrier, and three Asian countries (Republic of Korea, Japan and China) top the list of the world's leading shipbuilding powers. Major shipowners include Hong Kong, Singapore, Taiwan, Iran and Malaysia. Between 2001 and 2005, Iran and Saudi Arabia more than doubled their tanker tonnage.

Major programs for expanding port infrastructure, deepening harbors, and building specialized berths were carried out during the reform years in China. Eight Chinese ports (not counting Hong Kong) are among the 50 largest container berths in the world, and in 2003 China ranked first in the world in terms of the number of containerized cargo handled.

At the same time, the relative weakness of infrastructure can result in significant foreign exchange losses. Thus, less than 35% of foreign trade cargo was transported on ships owned by Indian owners in the late 1990s. However, at present, foreign trade flows have increased significantly, and the Indian navy in 2000 had about 400 large vessels against 110 twenty years ago. China also has a negative balance in the transportation of foreign trade cargo, which widely uses the services of Hong Kong shipowners.

Inland river transport does not play a significant role in most Asian countries. One of the exceptions is the PRC, where r. The Yangtze is the most important transport artery of the country.

The countries of Asia (including Japan), although they account for only a quarter of the cargo and passenger turnover of the world air transport, this industry has been developing very rapidly over the past decade and a half. In the PRC alone, it is planned to build 45 large airports in the next five years. The airlines of this state, as well as Singapore, Hong Kong and Arab countries, became the largest customers of aircraft and ground navigation equipment at the turn of the century.

The state of urban transport (and partly the well-being of the population) in the largest cities Asia can be judged from the table "Indicators of urban transport development in Asia in 2005".

Noteworthy is the low level of motorization in Hong Kong - one of the richest cities in the world. This indicator is also low in Singapore, as well as in the cities of China, which makes them quite safe for pedestrians, cyclists and drivers.

The information and communication revolution that unfolded at the end of the 20th century had a beneficial effect on the service sector in Asian countries, although at first it seemed to many that the so-called digital divide would sharply increase the distance between developed and developing countries. This did not happen, on the contrary, the countries of Asia (especially East) in a fairly short historical period have dramatically improved the provision of the economy and the population with modern means of communication, and have also become active participants in the information revolution. The development of its fruits was facilitated by the achievements in the development of electronics, education and training of personnel obtained during industrialization. A positive role in the countries of South Asia was also played by the fact that a significant part of the population speaks English. New technologies - satellite communications, fiber-optic cables have made it possible to save huge amounts of money and, most importantly, time in the implementation of the integration of Asian spaces. In countries with hieroglyphic writing, the computer made it possible to significantly speed up office work, publishing, and so on.

The pioneers in the development of ICT (information and communication technology) in Asia are Japan and (NIS), including Singapore. Informatization of society was carried out quickly and on a large scale. The Republic of Korea, for example, already in 2003 outstripped the United States in terms of the share of citizens using the Internet. The PRC is becoming a recognized leader in the production of semiconductors: in 2006 alone, five factories for the production of 300 mm wafers were put into operation, by 2008 it is planned to open 20 factories for the production of microcircuits.

The increasing availability of modern means of communication makes them truly massive. At the beginning of the 21st century, there was a colossal expansion of the Asian cellular markets at the expense of the largest countries. In China, the number of mobile phone connections increased by 50-100 million a year and reached 400 million in 2005. In India, 48 million units were sold in 2004, and 75 million in 2005.

The ICT revolution has opened up new, very large niches for expanding the economic specialization of developing countries. Characteristic is the activity of one of the current leaders of the Indian economy - the information technology sector. At first, in the 80s of the XX century, it became known about the success of Indian programmers working abroad. In the early 1990s, Canadian and American firms working in the information and communication sphere launched active work in India. With the laying of additional links between India, Europe and North America, as well as the decline of the "new economy" in countries with high prices and wages, the advantages of companies operating in India itself have become especially obvious. Remarkably, the country was able to increase software exports from $4.0 billion in 2000 to $7.7 billion in 2002, a period of sharp deterioration in the "new economy" in the US. The city of Bangalore (Karnataka) has gained worldwide fame as an information technology center, not much inferior to the "Silicon Valley" in California.

Currently, the sector is rapidly developing, working on foreign orders with international business process outsourcing (BRO - business process outsourcing). Such orders come to India for accounting, legal, information and other services. In 2003 alone, 170 thousand new jobs were created in this sector, 220 of the world's largest companies out of 500 use its services. dollars, almost quadrupling compared to 2004. The removal of part of the paperwork by the American company General Electric alone saves it $350 million a year. The company employs 18,000 people in India.

India's comparative advantage is clear. The average salary for a call center operator in South Asia is around $6,000. A similar job in the US means a base rate of $40,000 (annualized).

A constantly expanding range of services, the provision of which, thanks to modern means of communication, is profitable to transfer to the developing countries of Asia or create there. Thus, using electronic communications, doctors from China, India, Pakistan and Bangladesh diagnose patients from developed countries (for example, according to computed tomography) and carry out routine work on their maintenance, Indian engineers perform design and design work for European companies. Chinese programmers serve users in Japan, and artists fulfill orders from US animation studios.

Given the significant wealth gap between developed and developing countries, the expansion of the service sector and the information revolution do not remove the tasks of modernizing agriculture and industry from the agenda. Describing this problem in relation to China, the well-known economist Li Jingwen (Director of the Institute of Economic and Mathematical Research of the Chinese Academy of Sciences) noted in 2000: “Informatization can only accelerate the process of industrialization, but cannot replace it. raising the standard of living of the population."

The noted circumstance does not prevent the rapid informatization of China. The production of software for the domestic market is growing at an exceptionally high rate. From $5.5 billion in 2000, its value increased to $50 billion in 2005.

In India, the achievements of the communications industry are being introduced by the state into the rural economy. With the help of "simputera" (cheap PC), farmers in special points have the opportunity to follow the movement of market prices for agricultural products, which weakens the position of resellers.

During the years of independence, the financial and credit systems of Asian countries had to solve difficult problems. During the colonial period, foreign and local banks tended to refrain from financing new facilities in the manufacturing industry, concentrating on foreign trade or the purchase and sale of securities. The need to lend to industrialization and infrastructure construction, as well as the concentration of money capital for this, forced the governments of independent states to nationalize banks. Legislative assignment to credit institutions of priority (directive) sectors and proportions of lending, mandatory requirements for the purchase of government bonds, etc., have become widespread.

The development of China's banking system was somewhat peculiar. The first English bank opened its branch in China in 1856. The formation of national banking capital in the modern sense began much later. Only at the end of the 19th - beginning of the 20th century, banking institutions owned by the Chinese appeared, mainly in large port cities - Shanghai, Tianjin, Qingdao, Guangzhou. In 1928, the Central Bank of China was founded. In the 1930s, the Kuomintang government managed to achieve a high degree of centralization of the banking system with a high level of state participation in it. In 1945-1946, banks (including Japanese banks in Taiwan) were nationalized by the Kuomintang government. Shortly before the CPC came to power, in 1948, credit institutions were consolidated in the liberated regions and the People's Bank of China (PBOC) was established. In the first three decades of the existence of the People's Republic of China, the People's Bank of China, practically combining emission and credit functions, financed industrialization in a monopoly manner, mainly in a planned manner. Outside the country, in Hong Kong and Singapore, some financial organizations of the PRC operated. In the 1980s, commercial credit was restored, with the four largest state-owned banks (Industrial and Commercial Bank, Agricultural Bank, People's Construction Bank and Bank of China) now playing a leading role in the country's economy. The functions of the central bank are carried out by two organizations: the PBOC and the China Banking Management Committee, established in 2003.

In India, state-owned banks also control the bulk of the credit market (two nationalizations of banking and insurance institutions took place in 1969 and 1980). The first national bank in this country appeared in 1881. The largest commercial banks in India are the State Bank of India (established in 1955), Kanara Bank, Punjab National Bank (established in 1894). The functions of the central bank are carried out by the Reserve Bank of India (RBI), formed in 1934.

In addition to the usual functions of a central bank (regulating money circulation, maintaining the exchange rate of the rupee, etc.), the RBI is involved in regulating the sectoral and territorial application of the directions of credit flows. The refinancing parameters depend on the compliance of commercial banks with the assignments for lending to priority sectors of the economy. In addition, banks are required to invest in low-yielding government securities; the proceeds from these investments are used to finance public investment.

In Iran, private and foreign banks, as well as insurance companies, were nationalized and consolidated after the Islamic Revolution of 1979, and private credit organizations reappeared only at the beginning of this century. As in many other Muslim countries, banking in this country is conducted in compliance with the principle of non-charge of riba (bank interest). Payment for the services and loans of banks is usually made using various schemes for sharing with the bank the profits of industrialists and merchants received as a result of financing their projects. The forms of encouraging depositors are also varied: a bank, for example, can pay for individuals the costs of the Hajj.

State commercial banks dominate in Syria (90%), Taiwan, and still control a significant part of the credit market in the Republic of Korea (58%). Their soft loans, over a third of which were covered by central bank loans, played an important role in the development of the country's export sector in the 1960s. Thus, in 1967, loans to exporters were provided in the Republic of Korea at 6% per annum with an average interest rate of 26%. The Central Bank was then transformed from an autonomous structure into an organ of the Ministry of Finance.

In Singapore, Hong Kong and Malaysia, private banks are the market leaders. An important role in industrialization was also played by state (mixed) structures - the Development Bank of Singapore, the Temasek investment company, export credit insurance corporations, etc.

In most Asian developing countries, in addition to commercial banks, there are development banks (corporations, funds). Their main task is to finance important national projects with long payback periods.

In 1947-1949, Japan received significant commodity aid from the United States to stabilize the situation in the domestic consumer market. Deliveries of fuel, medicines, cotton and food amounted to 2.2 billion dollars. These goods were not distributed free of charge, the proceeds from their sale were credited to a special account of the budget. In the early 1950s, the funds from the account were used for targeted financing of the national economy through the State Development Bank.

Investment trust companies and other non-banking financial institutions have grown rapidly in recent decades. credit cooperatives are widespread in Asian countries . However, usury also persists (mainly in South Asia) - both in the countryside and in the city.

The monetary and financial crisis of 1997-1998 forced many Asian states to pay special attention to the state of their national credit systems. Compared to the end of the last century, by 2005, the concentration of resources in Asian banks, indicators of capital , profitability increased significantly, the share of so-called bad assets (or non-performing debts, that is, loans on which borrowers do not pay interest or do not return the principal amount) decreased significantly. - non performing loans, NPL). The supervisory and regulatory role of central banks has been significantly strengthened. Measures are being taken to limit risky investments, primarily in real estate and securities.

The finances of most Asian states, in contrast to the Anglo-American system, in which the stock market (market based) plays the leading role in financing the economy, are based on bank credit (credit based). Nevertheless, Asian stock markets play an increasing role in financing economic development (table "Equity Market Capitalization in Asian Countries and Territories, 1980-2005").