The blockade of the Strait of Hormuz has caused serious economic damage to many countries, but China has emerged as the winner. The New York Times reports, citing analysts from The Asia Group consulting firm.
Experts believe Beijing has strengthened its position by demonstrating competitiveness and the ability to mitigate economic shocks. Moreover, US policies that destabilize the region have positioned China as a reliable and preferable partner.
Global demand for clean energy technologies such as solar panels, batteries, and electric vehicles – sectors where China dominates – has accelerated. While the closure of the strait raised energy prices worldwide, China avoided most negative consequences by using domestic reserves and imposing export restrictions and quotas. Other Asian countries, however, were not so fortunate.
