How has China survived the oil shock?

David Llewellyn-Smith

Wednesday 10 June 2026

China is the largest importer of Middle East oil. Yet, some say it is so far, the least affected by the Iran War.

Is this meme true, and how did it achieve this?

It is certainly true that China absorbed the greatest oil shock on the planet.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.