This was supposed to be a reasonably quiet week heading into the “Two Sessions”, with the Chinese People’s Political Consultative Conference (CPPCC) opening March 4 and the National People’s Congress beginning March 5.
The US-Israel attack on Iran in fact is dominating the information. So far the PRC response has been predictable, with condemnations of the US and calls between Wang Yi and the Foreign Ministers of Russia, Iran, Oman and France. We mustn’t count on something greater than diplomatic and rhetorical responses. The US getting slowed down in one other Middle East quagmire, whereas depleting weapons provides that want uncommon earths to be replenished, may have advantages for the PRC, however the dangers to oil and fuel provides and costs may very well be fairly adverse for China.
This chart from Gerard DiPippo exhibits that Iranian oil makes up about 12% of the PRC’s complete oil imports:
At this level it’s too early to inform what this implies for China, so apologies that I should not have any sizzling takes. I do strongly dis…