The crisis caused by the closure of the Strait of Hormuz has put pressure on economies that depend on oil imports, while China has emerged as one of the biggest beneficiaries of the situation. That is the assessment of the American advisory firm The Asia Group in a report published recently.
According to the document, Beijing has been able to withstand the blow of the crisis thanks to a broader diversification of energy sources, as well as the use of strategic oil reserves.
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The report underlines that experts see China not only as a country that has managed to soften the effects of the shock in global energy markets, but also as a beneficiary of expanded exports of clean energy technologies. At the same time, Beijing is using the conflict in Iran to consolidate its image as a stable actor on the international stage.
“Economically and geopolitically, Beijing is using the crisis to present China as the most reliable partner,” the report says, adding that the Chinese leadership sees this situation as proof of its strategy of industrial self-reliance.
However, The Asia Group warns that a prolonged energy crisis could leave China facing higher raw material costs and a slowdown in the global economy, which would also affect demand for Chinese exports.
Despite these risks, the report assesses that China’s economy remains in a more favorable position to withstand economic instability than many other countries that depend on energy supplies from the Middle East.
