Government Support of Export and Foreign Economic Activities in Japan, Republic of Korea and China: Strategies and Programs of Financial Institutions

Abstract

The article examines characteristics of export and foreign economic activity stimulation within the Asian model of government support formed by three leading export-oriented economies of Northeast Asia - Japan, Republic of Korea and China (NEA-3). The paper formulates specifi strategies of fi institutions in the NEA-3 countries basing on the analysis of systems, strategies, and programs of public fi institutions of each country. Among the analyzed factors are export credit and insurance agencies (ECAs), which are the central element of the current system of state fi support for foreign economic activity, as well as the dynamics and structure of global export fi fl in the period of 2015- 2023. In particular, the Japanese system of government support is based primarily on investment fi The South Korean system, without considering medium- and long-term fi as the basis for expanding state support, uses a balanced combination of investment and untied fi China's government stimulus system, focused on implementing China's Belt and Road Initiative, balances medium- and long-term fi with investment fi (excluding untied programs); its widely used untied preferential programs, which are signifi larger than all other instruments, are positioned as offi development assistance aimed at stimulating foreign economic cooperation with partner countries. The paper concludes that the NEA-3 countries have demonstrated diverse approaches to expanding and strengthening the position of their national economies' foreign economic sectors in foreign markets accompanied by active government support.