Those who view President Donald Trump’s strikes on Iran as a blow to China should think again. Beijing will manage any potential leadership change in Tehran as long as the oil keeps flowing, a summit with Trump and President Xi Jinping stays on track, and Washington handles Taiwan — China’s most sensitive red line — with care.

Xi’s strategy is closer to the ancient Chinese phrase that notes the benefit of sitting on the mountain and watching the tigers fight: conserve strength while others exhaust themselves, and intervene only if core interests are directly threatened.

© Bloomberg