In this episode of China Decode, Alice Han and James Kynge break down how the Iran war is driving oil prices above $100 a barrel, and what that means for China’s energy security. They dive into China’s dependence on the Strait of Hormuz, explore the country’s cautious 2026 growth targets, and chat with Andy Browne, China Columnist at Semafor, about how all of this is reshaping China-U.S. relations.

Check out Andy’s newsletter at semafor.com/newsletters/china.

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