Turkey is rapidly increasing economic relations with China: 5 Geopolitical Effects You Need to Know

1. Turkey’s growing economic bond with China

Turkey’s economic relations with China in recent years have been growing fast, and gone under the radar of international attention. According to China’s ambassador to Turkey, Chinese investment in Turkey will reach $6 billion in 2021. The current volume of Chinese investment in Turkey is around $3 billion with over a thousand Chinese companies operating in Turkey. Furthermore, Trade volume between Ankara and Beijing reached about $24 billion in 2018. Turkey imported products from China valued at around $21 billion, while export products were valued at around $3 billion. Turkey’s economic links with China are rapidly growing, which should be worrying for the US, but Turkey has appeared to use Russia as a smokescreen.

2. Turkey received $1 billion cash boost from China

In another signal of not only Turkish but Chinese intentions to develop relations, China’s central bank transferred $1 billion worth of funds to Turkey in June, Beijing’s biggest support package ever for President Recep Tayyip Erdogan delivered at a critical time in an election month. The cash infusion boosted Turkey’s foreign reserves around the time of Istanbul local elections that had left international investors fretting about the country’s political and financial stability. The Chinese funds show Turkey is making headway in its efforts to diversify sources of foreign investment amid unprecedented tensions with the West, and the US should question whether sanctioning Turkey would now be worth it.

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