ICTs are developing in China and India particularly quickly. Both countries have taken opportunities provided by globalization, huge human capability, long lasting tradition and culture, efficient reforms and decisions at country level, and rely on ICTs and use it much more than other countries, launch and promote technological solutions, including services, expanding the role of the third sector in the economy of these countries. It is quite important, to note that in developed countries share of services in the economy is high and increases relatively slowly (if at all), whereas in developing countries this is still a dynamical process. This is visible especially in China and India, where the transformation is omitting industry (people substitute their agriculture-related occupations directly with service-related jobs). Many challenges and questions concerning ICTs in China and India remain unanswered and wait to be investigated by economy researchers. Does current understanding of economic notions apply to the reality of the 'new economy'? What factors stand behind this unprecedented ICTs sector and ICTs use development in the mentioned two countries? What is the role of ICTs in servicisation of the both economies? And what influence does it have on their economic development?