Economic forum in Istanbul highlights opportunities made with China's growing power

ISTANBUL — China's growing power is offering great opportunities for Turkey and other parts of the world, Turkish and Chinese speakers said on Friday at an economic forum in Istanbul.

China is expected to produce $12 trillion in GDP in 2017, thus keeping its status as the second largest economy in the world and contributing as much as 30 percent to the global growth, noted Qian Bo, the Chinese consul general.

In the next five years, China is set to import goods valued at $8 trillion, draw $600 billion in foreign investment, invest abroad as much as $750 billion and have as many as 700 million nationals travel abroad, offering Turkey and other countries an expanding market, more capital, a richer variety of products and more precious opportunities for cooperation, Qian told an audience of about 300, mainly students and teachers from Okan University where the forum was held.

As the largest trading partner for more than 130 countries, China remained Turkey's second largest in 2016, the Chinese envoy said, noting bilateral trade volume hit $15.94 billion in the first nine months of this year.

He voiced hope for an early substantial breakthrough in bilateral consultations over such megaprojects as a high-speed rail linking Kars in Turkey's east and Edirne in the west and the third nuclear power plant in the country.

On the part of the Turkish speakers, they described China as a successful country, in particular in the development of its economy and socialism. As Beijing is pushing for a transformation driven by technology and innovation, they see a country leading the future for the world.

One Turkish speaker spoke of the huge market in China and the growing purchasing power of the Chinese, seeing more opportunities for Turkey to export there more meat and dairy products.

ICBC Turkey, a subsidiary of the Industrial and Commercial Bank of China, the country's largest lender by market value, has signed a cooperation agreement with Borsa Istanbul on Chinese RMB/Turkish Lira futures contracts with a view to facilitating the use of national currencies in trade and investment.

Since Sept 5, ICBC Turkey has became the direct traders market maker of Chinese RMB/Turkish Lira, providing both buying and selling quotations for direct trade to the market as well as liquidity for the market.

China's Huawei Technologies Company has become one of the leading ICT solution providers in Turkey after 15 years' operation in the country.

Xu Xiaobo, Huawei's regional PR director, said his company's success lies in its efforts to develop a long-term sustainable local strategy, make full use of local talents, boost cooperation with local companies for win-win, keep efforts on innovation, and fulfill social responsibilities to local communities.