China Helps Financial Crisis-Hit Turkey Survive — Greek City Times

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Despite a catastrophic currency devaluation and annual inflation of 50% in December, manufacturing in Turkey is booming and exports have increased by more than half of pre-pandemic levels thanks to China

A real economic boom in the midst of a financial disaster is puzzling, but there is a simple explanation: Turkish industry has little to do with the country itself.

Instead, Turkish industries buy Chinese capital goods and semi-finished products and sell the finished products to Europe.

Ankara has found a niche in the fast-growing trade relations between Europe and China as a producer of steel products, chemicals, household appliances and other goods, focusing on more intensive industries. labor and environmental issues.

Its economic dependence on Beijing has increased dramatically.

It helps explain why Turkey has avoided U.S. efforts for a diplomatic boycott of the Beijing Winter Olympics to protest the East Asian country’s alleged treatment of its Uyghur Muslim minority.

This is despite the fact that Uyghurs speak a Turkish language and have strong linguistic and religious ties with Turkey.

READ MORE: Beijing’s standoff with France and the EU over the Uyghur issue.

The founding father of the People’s Republic of China, Mao Zedong, might have said that political power grows from the barrel of a gun, but for Xi Jinping, it is more likely to grow at the doorstep. a sea container.

China’s imports from the rest of Asia have nearly tripled in the past five years, prompting 15 Asian countries, including Australia, to join the Regional Comprehensive Economic Partnership with Beijing – but not the United States.

It was an important Chinese diplomatic victory.

Now, a quantum leap in Sino-Turkish trade is likely to boost Beijing’s political influence in West Asia.

A Chinese state-owned English-language television news service promoted a Turkish warmonger and genocide denier days before the start of the Beijing Winter Olympics.

Doğu Perinçek, Chairman of the Vatan (Patriotic) Party and Member of the Turkish Parliament “used a Turkish proverb to call for unity and support for the 2022 Beijing Winter Olympics”, CGTN reported.

In the videoparty leader Vatan gives further encouraging messages of unity on the Olympics.

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