Bloomberg reports that about one third of China’s crude oil supply comes from tankers transported via the Strait of Hormuz.
On Sunday (March 1), Bloomberg reported that the structure of trade between China and Iran is clearly tilted in Beijing’s favor. According to data from the Washington-based think tank Center for Strategic and International Studies (CSIS), China accounts for about one third of Iran’s total trade, while Iran accounts for less than 1% of China’s foreign trade. Despite Beijing disregarding U.S. sanctions and purchasing about 90% of Iran’s oil exports, for China, Iran is, after all, just a replaceable energy partner.
Nevertheless, about one third of China’s crude oil supply still comes from tankers transported via the Strait of Hormuz. The Strait of Hormuz, located near Iran, is a narrow waterway connecting the Persian Gulf to the open sea. After Saturday’s (February 28) bombing operation, some tankers avoided sailing through the strait, and some shipowners took a cautious approach.
The United States and Israel on Saturday jointly launched a military strike against Iran. After being attacked, Iran fired multiple ballistic missiles at Israel, as well as Qatar, Bahrain, Kuwait, the United Arab Emirates, Jordan, and Saudi Arabia—countries with U.S. military facilities.
The United States and Israel on Saturday jointly launched a military strike against Iran. After being attacked, Iran fired multiple ballistic missiles at Israel, as well as Qatar, Bahrain, Kuwait, the United Arab Emirates, Jordan, and Saudi Arabia—countries with U.S. military facilities.
Bloomberg also mentioned that in recent years, China has strengthened its diplomatic and economic ties with Tehran, albeit without a formal alliance relationship with Iran. China supported Iran’s accession to the Shanghai Cooperation Organization in 2023 and has also backed Iran joining the BRICS nations. Beijing continuously strengthens these multilateral mechanisms in order to counterbalance U.S. influence on the international stage.
Although Beijing signed a 25-year strategic cooperation agreement in 2021, which is reportedly to include China’s commitment to invest $400 billion (1.852 trillion ringgit), implementation progress on the agreement has been limited.
According to Bloomberg, China’s broader economic interests in the Gulf region now far exceed its economic ties with Iran.
Although Beijing signed a 25-year strategic cooperation agreement in 2021, which is reportedly to include China’s commitment to invest $400 billion (1.852 trillion ringgit), implementation progress on the agreement has been limited.
According to Bloomberg, China’s broader economic interests in the Gulf region now far exceed its economic ties with Iran.
Fu Cong, China’s Permanent Representative to the United Nations, stated that the U.S. and Israel's flagrant military strikes against Iran have caused a sudden escalation in regional tensions, over which China expresses deep concern. He further said that China emphasizes that the sovereignty, security, and territorial integrity of Iran and other regional countries must be respected.
A spokesperson for the Chinese Ministry of Foreign Affairs also said on Saturday that China is highly concerned about the military strikes by the U.S. and Israel against Iran, and that Iran’s national sovereignty, security, and territorial integrity should be respected. "China calls for an immediate cessation of military operations to avoid further escalation of tension, a resumption of dialogue and negotiations, and the maintenance of peace and stability in the Middle East."