00:00The US-Israel war with Iran is destabilizing energy markets and forcing major powers to pick their positions.
00:06But China has been noticeably quiet. Beijing's silence is striking.
00:11While Washington escalates militarily, Xi Jinping has so far stayed silent on the conflict, engulfing a major Chinese friend,
00:17leaving diplomats to work the phones behind the scenes.
00:20And that's deliberate. China sticks to a policy of non-interference.
00:24And though Iran is part of Beijing's vision of a multipolar world that can challenge the US,
00:30the relationship between China and Iran is less strategic than some assume.
00:34China's trade with Iran has slumped in recent years, and their military ties are limited.
00:39China's broader Middle East strategy also depends on balancing relations with the Gulf states, who are Iran's regional rivals.
00:45Beijing has expansive economic interests in the region, with investment and construction there totaling more than US$300 billion.
00:53Timing matters here, too, with a possible Trump-Xi summit coming up, albeit now delayed.
00:58There's a little incentive for Beijing to escalate rhetoric right now.
01:03Openly siding with Tehran could easily derail negotiations, with President Trump already pressuring Beijing to help reopen the Strait of
01:10Hormuz.
01:11Why are we maintaining the Hormuz Strait when it's really there for China and many other countries?
01:18Even with disruptions in the Strait, China can still afford to wait because of years of oil stockpiling.
01:25So for now, taking a back seat could ultimately play to Beijing's advantage as it assesses the fallout from the
01:30war.
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