Financial Development in Asia:

Financial Development of a country is a part of private sector development to stimulate economic growth and to reduce poverty. Financial sector is the set of institutions, markets and instruments which play significant role in Economic Growth of a country. Fortunately, Asian Financial market has succeeded to assemble the efficient and significant financial systems. The financial systems in the growth of economy by counties of Asian market are transportations, Information Technology services, Trade, Retail, Banking, Agriculture and many other important things. Development in Asian financial system plays a great role the rapid development of equity markets and to reduce extent bond markets.

Financial Growth of China:

China is one of the largest and most advanced economies of the world. Reforms regarding Economic growth and market began in 1978 and were carried out in two stages; first in the late 1970s and early 1980s, and second late 1980s and early 1990s. The first type of reforms of financial growth involved agriculture, opening up to the foreign investments and permissions to start businesses. The second type of economic reforms refer to Privatization and contracting of state owned industry, protectionist policies, price controls, regulations, banking and petroleum. The success of these financial policies resulted in the growth of advanced economic society and reduced poverty.

Financial Growth of Japan:

There is a role of Banking and Stock markets in the economic and financial development of Japan. The main elements of the economic growth are Commercial Banking systems, extended loans to businesses, Dealing Foreign Exchange and Government owned financial institutions. The traditional banking system of Japan began in the late 1980s with commercial banks, regional banks, saving banks and other specialized institutions. Government Financial Institutions are able to collect more deposits and accounts playing a vital role in developing economical sectors.

Financial Development of India:

Financial or economic development of India mainly resulted from the growth of important industries in India. These important industries like Banks and Insurance, Agriculture, Trading Sectors, Transportation, Information Technology and Business processes. The progress and improvements in all these sectors help in making India one of the largest economies of the world. The economy of India today has felt many negative aspects but the economists are hoping to cope with those economic aspects.

Financial Development of Hong Kong:

Hong Kong is one of the economies of Asian market. Hong Kong has many incorporated network of institutions and systems which provide a wide variety of financial products and financial services. In Hong Kong, there is the emphasis on the Rule of Fair Market and Taxation System. Hong Kong' financial services contribute 17% of the city's Gross Domestic product. There are no limitations to foreign market and foreign businesses.

Financial development of Singapore:

The Financial Sector Development Fund was established in 1999 and the objective of this Fund is to promote Singapore as a financial sector, to develop and improve the skills for financial services, to support the Research based institutions and to develop Infra structure for financial services of Singapore. This Fund along with many other factors was significant in the economic development of Singapore.

Indonesia has four unicorns, all tech startups worth over $1 billion: ride-hailing Go-Jek, travel site Traveloka, and market places Bukalapak and Tokopedia. We can expect more unicorns to come from Indonesia once they improve things like transport (roads, rail, MRT, airports), internet (need more speed), decent electrical connections that don't suffer power cuts which bring tech companies to a standstill as mobile connections cannot handle the data volume of broadband, at least not until 5G is fully in use.

Indonesia contains the largest economy in South Asia and is emerged as one of the best market in the world. It is considered as the top 16th largest economy in the world by nominal GDP. Indonesia still depends upon the government budget spending, but from the recent years the economy of Indonesia is controlled by Private Indonesians from some foreign companies. In the financial as well as economic crisis that starts in the mid 1997 the government has taken custody of the significant portion of the private sectors. Since 1999 economy gets recovered and growth has improved and increased to over 4-6% in the recent past years.

Economy in new order:

There was high level of economic development in from 1987 to 1997 marked a lot of structural weakness in Indonesia. In the terms of corruption and weakness the economic growth became a high level, severe public through misconduct of financial sector. Corruption gradually goes on increasing with the passage of time as result of which the permissible system became very fragile, and there was no efficient way to put into effect contracts. Non traffic barriers, domestic subsides, barriers in domestic deals and sell overseas restrictions, all these things create the harmful aspect upon economy of Indonesia.

Financial Crisis:

Financial crisis in Asia started to badly affect the economy of Indonesia in the mid of 1997 which became financial and political calamities. Severe effects were produced due to financial along with the economic crisis. By the end of 1997, quick currency reduction was seen and public debt reached to $60 bin imposing some stress on the government' budget. Since 1998 a real GDP (Gross domestic product) contracted to 13.1%. The financial system reached its lowest point in the mid of 1999 and GDP for the whole year was about 0.8%. Inflation mounted up to 72% in the year 1998 but slow down by 2% in next year.

Investment:

Since late 1980s Indonesia had made some changes to meet economic needs and to encourage the economic growth. This growth was done by some financial support from some private investments both foreign and domestic. US investors highlight oil and gas sectors and some of the largest Indonesian projects regarding to Mining Projects. The presence of US banks, manufactures and service providers expanded especially after financial and industrial sector changes of the 1998. The economic crisis created continued private financing which creates problems too. The crisis further became more prominent in those areas where the additional changes were required. Indonesia again gains the investment grading rating from Fitch rating in late 2011, after losing the investment grade in December 1997 in the financial crisis while doing this Indonesia spent more than above Rp450 trillion.

Economic relations with the United States:

There is a relation between Indonesia and United states for the sort of business in which they get the things import and export. US exports to Indonesia in the late 1999 totaled $2.0 billion. The main exports of the US towards Indonesia were machines, chemicals, equipments for transportation, petroleum, natural rubber, footwear, equipments for construction, aviation parts, agricultural products, petroleum

Asia is the fastest growing economic region and continental region by GDP in the world. Asian Economy comprises of 4.4 billion people living in 49 different states. 4.4 billion 60% of the world's population. The comparison of the economies which are the part of Asian Economic Market is of great importance. These countries are China, Japan, India, Singapore, and Hong Kong.

Economy of Japan:

Japan was richest and most powerful economy of Asia for many years. Japan economy was the first Asian economy to industrialize and emerge. After World War 2, the economy of Japan was restructured with the close corporations of Government and banks. Japan then exported with the help of those corporations and is still exporting a large number of high quality products. Most economists describe that the best way to compare the living standards is to measure GDP per person at the purchasing system, which adjust for the differences in the standards of living in each country. Japan's economy was overtaken by Singapore in 1993, Hong Kong in 1997, and by Taiwan in 2010. Asia's so-called and newly industrialized economies are now richer than Japan.

Economy of India and China:

The two fastest growing major economies are India and China. The Economy of these countries play an important role in rapid growth and industrialization. The Industries of India such as Agriculture Industry, Transportation Industry, Trade Industry, and Banking Industry are merely the source of economy and contributes to the national GDP.

The economic growth of China was fueled by the production of Bamboo network. Bamboo network is the network of Chinese Businesses of the people operating business in markets and sharing similar cultural backgrounds. This bamboo network of Chinese businesses expanded after the migration of Chinese refugees to South East Asia.

Economy of Singapore:

Economy of Singapore is one of the rapid growing economies as well. Singapore emerged as economic growth economy after it gained Independence in 1965. The Government of Singapore established export oriented industries and multi racial workforce by encouraging foreign investors. The Government of Singapore also plays a prominent role in setting business and market trends and increasing the economic growth. Singapore, now-a-days is one of the richest countries of the world in terms of GDP and GNI per Capita.

Economy of Korea:

Most of the Korean imports especially in South Korea were granted by foreign aids. However, the increase in the economic growth came from the import system and assistance from the foreign companies and industrialization products and departments.

Economic theory reveals that one Economy is a Technological Innovator while another Economy is the Technology Adopter. It refers to the idea that the innovations in the industry of Technology play a significant role in the economic growth and financial development of any country or region. The two basic models of Advanced Technology are Innovations and Adoption. Innovations are the models which are the new technological methods invented to grow economy and Adoptions are the models which stress on learning some methods and strategies from other largest economies and inheriting those methods

The Global Automotive Industry and Automotive production centers are prominent in emerging developed economies of Asia. This industry considered the consumer demands with regards to Styling, Safety, Maintenance, Comfort and Manufacturing Efficiency. The Automobile countries of Asian region are China, India, Indonesia and Thailand.

Thailand is the largest automobile export industry of Asia. It is growing very fast with the International trade systems. Indian Automobile Industry is also very prominent because it caters very efficiently with the domestic and external demands of consumers. Indonesian Industry of Automobile is the set dominated by three major Car manufacturers of Japan and contributing to exports and economic growth. Moreover, advancements in the Security, Quality and Specialization of automotive products is very necessary in the economic growth and number of serious customers.

Internet has also increased the rate of economic growth with its effective trends. Internet serves as a vast range in the economic activity. Internet provides millions of daily online transactions and communications, smart phone downloads and TV shows which contribute to the global growth, productivity and employment. Large firms are managed through internet and those online firms are contributing to the economic growth of Asia. Internet Access also increases the growth in the Education field. With the use of internet common people as well as business people are facilitated because they can conduct large scale business firms and can get plenty of information in very little time. One of the researches demonstrates that the web accounts of India, Brazil, China, South Korea and Sweden prove as the significant models of growth of global GDP. The internet accounted 21% GDP (Gross Domestic Production) growth in the last five years among developed economies.

The advancements in cell phone accessories also contribute to the economy of a region. The well known cell phone largest companies are introducing new products and innovations in the previous models to catch the attention of customers. In 2014, mobile technologies and services generated 4.7 percent of the GDP in Asia. Moreover in 2014, the industry encourages public funding and contributes $130 billion in the form of general taxation. South Korea has well known mobile companies such as Samsung and LG. TV and Entertainment services also pay attention to the economic growth and export systems. Taiwan is one of the Asian countries with the top competitive and free media. Cable Televisions, Newspapers, music, political channels, Radio, Magazines and Periodicals are the part of Taiwan media.