China being a socialist market economy and Türkiye being a free market economy performed two opposite theories in their practice. However, both states have made an extraordinary contribution to globalization and in collaborating with each other. China and Türkiye have witnessed a significant expansion in their economic relations over the years in accordance with the more than twenty trade agreements, driven by growing trade volumes, increasing investments, maritime domain, and infrastructure development. This analyze aims to provide an in-depth analysis of the multifaceted economic ties between China and Türkiye, exploring the key aspects that have shaped their partnership and the opportunities and challenges that lie ahead. In respect to the Belt and Road Initiative (BRI), Beijing gets a strategic presence in the Mediterranean Sea via Türkiye which will remain a source of additional money.
Economic ties between China and Türkiye have existed since antiquity, and the historic Silk Road served as an important commercial route between the two countries. China and Türkiye formalized their diplomatic ties in the 1950s, which created the framework for further commercial collaboration. China and Türkiye’s economic relationships have developed over the past several decades from simple trade connections to a thorough collaboration spanning several sectors.
Chinese investment in Türkiye has been on the rise, as Chinese companies recognize the country’s strategic location and potential for economic growth. Investments have been made in various sectors, including energy, infrastructure, manufacturing, and technology. China had 1060 registered businesses in Türkiye as of 2021. Notable investments include China Merchants Group’s acquisition of a majority stake in Türkiye’s largest port, Kumport. Chinese companies have also shown interest in participating in Türkiye’s high-speed rail projects, offering opportunities for technology transfer and job creation. Türkiye remains the crucial site for Beijing Global Development Initiative (GDI).