Importance Considering an aggravating technological gap between Russia and global leaders, decay in the machine-building sector and science-intensive production, extreme dependence on external economic conditions, low business performance and private owners' indifference in its increase, growth in shadow economy and escalation of other social and demographic threats, it gets especially important to modernize the national economic structure. Objectives The research determines the priority areas for addressing the above challenges. The article examines the specifics of successful efforts to modernize the structure of the Asian newly industrial economies, and assess their significance and feasibility during globalization. Methods Based on statistical data, we examined the specifics and substance of development of the People's Republic of China and Republic of Korea, which ensured their high economic growth within a short period of time. Results We determined how the specifics influenced the development of the Asian newly industrialized economies, and significance and opportunities for applying the specifics in Russia. Conclusions and Relevance While modernizing the structure of the national economy, it is necessary, first of all, to consider future trends and focus on the national specifics. As for economies in transition during globalization, there should be more involvement of the State, which acts as a regulator and stabilizer of recessions and economic downturns, on the one hand, and creates domestic conditions for developing market mechanisms, on the other hand.
Keywords: structural modernization, foreign capital, export expansion, government property, globalization
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