How Is Turkish Trade With China Going? – OpEd
Mr. Wang Yi, Minister of Foreign Affairs of the People’s Republic of China, came to Turkey early last the week. According to the protocol, he first met with Turkish Foreign Affairs Minister, then the Prime Minister and then he visited Presidential Palace for the congregation. Then in order to clarify the main objective of his official visit, then the Chinese Foreign Minister Wang Yi, he had a long meeting with the Turkish Minister of Energy and Natural Resources on November 14, 2016 in Ankara.
Commenting on the Chinese news agency website (turkish.cri.cn), Chinese FM Wang Yi positively assessed the development of China-Turkey relations, saying that bilateral cooperation in economy and trade, security and combating terrorism are two important areas of bilateral relations. (We understand that there are serious concerns of the Chinese side on line-by-line interpretation, on security and terrorism).
Wang Yi furthermore pointed out that China is ready to deepen cooperation in security and terrorism struggle in order to advance cooperation in economic and trade areas in line with the consensus reached between the presidents of the two countries. In the eradication of the root of terrorist forces such as the East Turkestan Islamic Movement (Chinese people say not to support them in diplomatic language) Ankara wants to continue its support to China. (China’s concerns have been voiced again).
Turkish Energy Minister said that Turkey-China relations had entered a new turn. Expressing great importance in cooperating with China, Turkish Minister stressed that Turkey will not allow any action that harms the security and stability of China and Turkey will continue to create better conditions for the development of cooperative relations in various fields. (Turkey is giving them the necessary guarantees).
The Chinese minister described the financial difficulties of Chinese firms working in Turkey in the construction of thermal power plants, the risks posed by stopping imported coal plants due to cost over market prices, and the serious concerns of Bank of China’s credibility rating for Turkey.
China may be excused to be able to pause to work in the market. The development status of thermal power plants currently under construction could be “on hold” , which will remain frozen. Soured relations after the suspension of missile procurement, it was difficult to get a visa for the Turkish exporters, and they were subjected to unnecessary questioning when entering China.
According to experts, there is a huge imbalance in bilateral trade with China. With China in 2015, Turkey exported 2 billion US dollars, and imported 20 billion US dollars.
The largest scope of Chinese export, covers the thermal power plant equipment by the Chinese. At present, the majority of domestic-imported coal-fired power plants, except for Tufanbeyli (SK Korea), are being built by Chinese suppliers at ultra cheap price. However their quality, norms and long life time expectations are questionable.