Is the C Preprocessor Turing complete?

Is the C preprocessor turing complete? Of course there are no #while loops or anything, but consider this:

_"hax.h":
#if VALUE < 1
#define VALUE 1
#else
#include "hax.h"
#endif

Here, hax.h include itself, creating a loop. There isn't a way to pass a value to the included file, though.

>>12
that that will end up just defining VALUE as VALUE + 1, which isn't very useful.