Innovative Development of the Countries of the Asia-Pacific Region

Abstract

The country's economic growth is largely determined by the development of innovations in the country. The development of an innovative economy is not just the result of the adaptation of the subjects of the economic system, but their radical transformations, and this requires the active participation of the state. To transition to an innovative development model of the country, the state needs to develop a national innovation strategy, prepare a legislative framework, form an innovative and institutional infrastructure. Today, Asian countries are one of the innovative regions of the world; their regional economy is growing faster than the developed Western economies because of the competent innovation policy of the state. This article describes the process of developing an innovative economy in the countries of the Asia-Pacific region, as well as features of the national innovation policy of states. Keywords—innovative development, innovation policy, world economy, R&D financing, Pacific Rim, China, Japan, South Korea, Taiwan, Singapore