Beijing braces for economic impact as Iran war threatens Chinese oil: "A manmade crisis"
CBSN
Beijing — China is bracing for the full economic impact of the U.S. and Israeli war with Iran as its energy supplies are severely disrupted. China is the largest importer of energy in the world, and the disruption to oil imports caused by the conflict could be a potential Achilles' heel for Beijing, just weeks before President Trump's highly anticipated state visit to China. In:
Beijing — China is bracing for the full economic impact of the U.S. and Israeli war with Iran as its energy supplies are severely disrupted. China is the largest importer of energy in the world, and the disruption to oil imports caused by the conflict could be a potential Achilles' heel for Beijing, just weeks before President Trump's highly anticipated state visit to China.
China imports 70% of its oil and gas overall and a majority of its energy comes from the Persian Gulf, according to analysis from Det Norske Veritas, an independent global assurance and risk management provider.
Henry Wang, president of the Centre for China & Globalization, told CBS News Tuesday that China's supply line will be seriously impacted by what he calls a "manmade crisis."
"I think this will certainly hurt China, but not just limited to China, I think the whole world will be hurt. The Strait of Hormuz has been blocked and it's going to impact not only China, but also Asia, Europe, Latin America, even the U.S.," Wang said.
On Sunday, China's top diplomat Wang Yi condemned the war, accusing the U.S. of assassinating a sovereign leader, violating international laws, and pushing the region "to the brink of a dangerous abyss."
