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.