While the closure of the Strait of Hormuz has caused serious economic damage to many countries, China has successfully emerged from this situation.
According to sea-news.az The New York Times newspaper reported this, citing a report by analysts from the consulting firm The Asia Group.
According to experts, Beijing has strengthened its position by demonstrating its economic resilience during the global supply crisis. Against the backdrop of U.S. policy in the region, China has gained the status of a more reliable partner for many states. In addition, the energy crisis has accelerated global demand for sectors where China leads—solar panels, batteries, and electric vehicles.
The article notes that although the closure of the strait increased fuel prices in the world market, China was able to avoid negative consequences by utilizing its domestic energy reserves and imposing export restrictions on local factories. Other Asian countries have suffered more severely from this crisis.
