Alice Han

in order to pick up on where different assets were in the region.

And then before that, there was talk about China selling precision missile technology to the Iranians.

We'll have to see moving forward if China is willing to do that.

But thus far, I think they've been reluctant to.

And then one last point that I will make is that even although I think China benefits from this

geopolitical game theory uh multiplayer game theory i think we still shouldn't understate the difficulties this puts china in in terms of the energy fertilizers uh sides of things right because you know you effectively have about 100 days of strategic reserves china is now cutting down pretty much on all exports of oil and fertilizers and i think potentially even petrochemicals

And right now they're putting in oil caps to protect everyday consumers and corporates.

You know, if this conflict drags on for longer and the Strait in particular is not securitized for, you know, more than two months moving forward, I think that that puts China in a difficult position, has ramifications potentially.

For the economy, again, growth is quite fragile.

But I want to end on one last question for you, James.

I think this sort of sums up my thinking.

Why is it that this relationship with Iran is so different from the relationship with Russia?

On the surface, these are both huge oil-producing countries.

They're all part of the axis of ill will.

They all cause troubles for the West.

Why is it that I think China is more hitched to Russia and has supported Russia throughout the conflict much more than Iran?

Yeah, yeah, I think I agree with that.

It's funny that you quote Chinese history.

I would have said that one of the analogies that we're looking into is the Suez Crisis in 57, in which the Brits and the French were involved in trying to stop NASA from nationalizing the canal and controlling it.

And the U.S.