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First modification: 03/03/2026 - 15:36
Beijing condemned the US-Israeli offensive that killed the Iranian supreme leader, but its priority goes beyond politics: protecting non-oil trade worth $34.1 billion and guaranteeing the energy flow that largely depends on the Strait of Hormuz.
In the midst of the conflict that shakes Iran after the offensive by the United States and Israel that ended the life of Ayatollah Ali Khamenei, a key commercial actor enters the scene: China, and its role, beyond the defense of international law, is based on a commercial relationship driven by oil.
The relationship between the Chinese dragon and the Persian lion is supported by compelling figures much more than any political interest that could put them at the same table.
In the Iranian fiscal year ended March 2025, bilateral non-oil trade exceeded $34.1 billion. Iran exported goods worth 14.8 billion dollars to China, while it imported Chinese products for a larger amount, about 19.3 billion. The balance reflects a growing dependence on manufacturing, machinery and technology from Asia.
Beyond these general exchanges, energy is the central axis. It is estimated that more than 80% of Iranian oil ends up in Chinese territory, in many cases through third countries to avoid international sanctions.
For Tehran, this volume represents a financial lifeline, while for Beijing, it is equivalent to 13.5% of its maritime crude oil imports, a significant figure but not decisive within its diversified energy matrix.
Read alsoIs Iran alone?: France, Germany and the United Kingdom close ranks over the US and Israeli attacks - France 24
The focus has now shifted to the Strait of Hormuz, a strategic passage through which nearly 20% of world oil consumption passes, about 20 million barrels per day.
Since the start of the attacks, commercial traffic in the area has been drastically reduced, fueling volatility in the markets.
The Chinese government spokesperson demanded guarantees for the safety of navigation in Hormuz, reflecting Beijing's concern about a possible prolonged closure.
This concern was transferred to the financial markets: the Shanghai and Hong Kong indices closed this Tuesday, March 3, with losses of more than 1%, due to fears of energy interruptions and regional escalation.
Commercial symbiosis between dragon and lion
Iran has been part of the Shanghai Cooperation Organization since 2023 and since 2024 of the expanded BRICS group, two platforms where China and Russia promote an alternative architecture to the Western order.
However, despite the rhetoric of a comprehensive strategic partnership and the 25-year cooperation agreement signed in 2021, Beijing has avoided committing direct military support, and instead has only spoken out with condemnations or rejections of these events. Statements that have not translated into action.
Read alsoIn pictures: Israel carries out "simultaneous attacks" against Tehran and Beirut -
The transition of power in Tehran adds another layer of complexity, since although the election of the new supreme leader corresponds to the Iranian Assembly of Experts, China has activated channels with the interim leadership, including President Masoud Pezeshkian, to ensure continuity in the economic and energy agreements between the Chinese dragon and the Persian lion in the midst of the geopolitical turbulence that, since the US global tariffs, has changed the entire world economic table.
The Asian giant seeks institutional stability, especially in structures such as the Islamic Revolutionary Guard Corps, key to internal security and investment protection.
Meanwhile, on the nuclear front, China maintains a dual position that benefits it in the economic sphere and does not cause problems in the political arena: on the one hand, it supports Iran's right to the peaceful use of nuclear energy under the Non-Proliferation Treaty, but on the other, it opposes Tehran developing atomic weapons.
A nuclear Iran, they fear in Beijing, could trigger a regional arms race and put sea routes vital to its economy at risk.
With local media
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