The relations between authorities and businessmen were out-of-date. A credit became the main source of financing of business-projects. It could be easily got if there were good relationships with authorities. There was a great increase of debts of firms. Moreover, not every project was justified from the economic point of view. Often they used to solve certain political task or for prestigious reasons. (Shiratori M., 1993). But nevertheless achievements of East Asia were impressive. It gave a hope that the countries of East Asia would succeed in repeating the success of "four tigers". However rejoicing was not very long. 1997 year became the year of financial catastrophe, "Asiatic crisis". After that all talks about the "Asiatic miracle" became quite inappropriate. The crisis began in Thailand. Soon the crisis appeared in other countries of East Asia. The situation was aggravated by the outflow of foreign capitals. Foreign investors were afraid and started rescuing their capitals. The crisis of 1997 resulted in talks about the "end of Asiatic miracle" economist P.Krugman said that the "East Asian miracle" was a short-term combination of historical circumstances (favorable international climate, possibility to adopt the technologies, cheapness and abundance of labour force). (P.Krugman 1994) After “Asiatic crisis” it was considered that reconstruction would last many years. But these prognoses did not justify themselves. Financial catastrophe of 1997 didn’t even touch "tigers". The reconstruction of economy was so quick, that it was talked about the "second Asiatic miracle". It concerned even the most suffered countries - Indonesia, Malaysia, Thailand.(Bhanoji R., 2001)

Key dynamics, strategies, and policies of Asian economies. Let’s summarize main economic politics that characterize East Asian economies. Asian politics are designed at providing stable macro-economy. It includes keeping inflation and deficits under control, maintaining stable interest rates, ensuring business legal environment. There are some other aspects of economic politics: the creation of effective and secure financial systems; limitation of price distortions to protect domestic, infant industries. East Asian policy is aimed at competing on the world market; providing openness to foreign technology. It helps to remain open to outside investments. It is essential for East Asia to develop agriculture, make it more productive. Selective interventions are of great importance. It means a reality-tested learning process concerning effective policy making.

Export push is also widely used in Asian economies. It presupposed the development of goods for export markets, to use the markets of big countries to earn money for own development. There are also important policies, namely: maintaining competitive discipline that presupposes government and business working together; high human capital policy that implies the necessity of investing in education; creation of high quality civil service; information exchange among government, business, workers to provide a collaborative development effort, high levels of savings and flexible labor markets. (Rowen, 1998)

A lot of features of East Asian trade and industrial policies are also worth to be mentioned. First, all import barriers, production only for domestic markets are inadmissible in this region. On the contrary, thanks to many preferential measures for exporters the export is promoted in Asian economies.