GÜVEN SAK
HURRIYET DAILY - MAY 20, 2016
China is changing, and the world feels the shockwaves, far and
wide. This process hurts the Turkish economy, but much less than other
emerging economies. I hear lots of complaining in Ankara and Istanbul, but I think if Turkey plays its cards well, the benefits could outweigh the costs.
Here
is the opportunity: The change is not only about the declining growth
rate of the Chinese economy, but also about its shift away from low-cost
manufacturing and exports. A qualitative shift is also happening, noted
Nicholas Stern and Fergus Green of the London School of Economics this
March. China’s energy demand is declining together with its demand for
raw material imports. So the country is changing its industrialization
strategy, and that has consequences: Crude oil? Iron ore? Soya? Their
prices are dropping faster than a bad guy in a Bruce Lee flick - and are
likely to stay down.
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