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CCTV Script 19/07/16

– This is the script of CNBC's news report for China's CCTV on July 19, Tuesday.

Welcome to CNBC Business Daily, I'm Qian Chen.

In the wake of the failed attempt this weekend by a group of military rebels to seize power in Turkey, the country's political establishment is firmly in the spotlight with analysts worried about what the quashed coup could mean for the country's place on the world stage.

The coup is largely seen as failing due to a lack of public support, lack of organization and unanimous military support and, generally, international backing for Erdogan's democratically elected government -- in spite of widespread misgivings over his increasingly autocratic rule.

While Erdogan's supporters around the world have criticized the coup, leaders have warned the president not to use the failed uprising an excuse to consolidate his power: Erdogan has been pushing for constitutional reform that would create an executive presidency, further concentrating his power.

European foreign ministers, meeting in Brussels Monday, commented that Erdogan had to respect the "rule of law" and called for restraint. However, the fact that all political parties united in opposition against the coup could potentially allow for less polarization in the domestic political scene, according to one analyst.

Following the coup attempt, Erdogan called for the reinstatement of the death penalty which was abolished in 2004 as part of the country's ambitions to join the European Union (EU).

Concerns have also been expressed over the treatment of those arrested this weekend after images showed handcuffed soldiers who appeared to be stripped to their underwear. Anthony Skinner, head of Political Risk at risk consultancy Verisk Maplecroft, said in a note on Monday that Erdogan was likely to become more "ruthless."

The coup attempt has also prompted concerns over Turkey's role in fighting Islamist militant group the so-called Islamic State to the East.

Turkey is one of the West's key allies in the fight against ISIS in Syria, which borders Turkey. The country is also seen as a "gateway" to Europe. The EU, which has seen an influx of refugees from the region due to the Syrian civil war, reached a deal with Turkey last year to restrict the flow of migrants in return for financial aid and relaxed visa requirements for Turkish citizens.

Turkey's allies in NATO have stood in solidarity behind Erdogan and his government, although the president's response to the coup attempt could well place relations with key Western allies under greater pressure.

Aside from the geopolitical ramifications of the coup plot, focus has turned to Turkey's economy and how it might weather the political upheaval at home.

Turkey's economy is largely reliant on tourism and it has already been numbers affected by a spate of bomb attacks by ISIS and Kurdish separatists over the last few years.

The latest large-scale attack was on Istanbul's airport in June in which 41 people died and hundreds were injured, damaging the country's important tourism industry further.

As an emerging market, however, Turkey was an attractive investment opportunity for many investors looking for higher-yielding investments.

CNBC's Qian Chen, reporting from Singapore.


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