Economic Watch: Experts say Chinese policies helping Türkiye tackle its economic challenges

Experts believe that China’s emphasis on reform and opening up is expected to deepen economic cooperation, boost trade volumes, and foster mutual investments between China and Türkiye.   

ISTANBUL, July 29 (Xinhua) — Turkish experts underscored China’s pivotal role as a crucial partner for Türkiye, significantly boosting both direct and indirect investments across various sectors, and alleviating the country’s economic challenges.

Experts believe that China’s emphasis on reform and opening up is expected to deepen economic cooperation, boost trade volumes, and foster mutual investments between the two countries.

Murat Tufan, an analyst with Turkish broadcaster EkoTurk, said, “China emerged as the most significant player in the global arena with valuable know-how and technology. I believe the policy of reform and opening up implemented by China is indeed a reference for Türkiye.”

Tufan pointed out the potential benefits of strategic Chinese investments in Türkiye’s automotive, artificial intelligence, and technology sectors, which could significantly advance Türkiye’s economic interests.

He believes attracting Chinese investment can help Türkiye tackle rising product costs and rejuvenate industries. “By leveraging China’s expertise and attracting investments, Türkiye can mitigate inflationary pressures and build a more resilient economy.”

The expert highlighted China’s impact on Türkiye’s automotive market, noting that it has stabilized prices and alleviated inflationary pressures through the introduction of affordable high-tech vehicles.

Additionally, investments from China would create more job opportunities for Turkish people.

Semih Eryukseldi, an Istanbul-based industry veteran with extensive experience in the automotive sector, underscored his country’s strategic position to attract Chinese investments.

“Türkiye could potentially become a production hub for Chinese cars, leveraging its geographical advantage for distribution to the Balkans and Europe,” Eryukseldi noted.

Echoing Tufan, Eryukseldi pointed out the positive impact of Chinese automakers entering the Turkish market, stimulating competition within the automotive industry.

“But in the future, I believe other brands like Chery, MG, Skywell, and even brands like Huawei and Xiaomi, which haven’t yet entered the country, can also embrace consumers and contribute to Turkish employment by providing job opportunities when they make similar investments,” Eryukseldi said.■