As the war in the Middle East enters its second month, choking the world's energy supply and sending oil prices soaring, China is trying to step in as a peacemaker.
It comes as President Donald Trump says US military action in Iran could end in 'two to three weeks', but there is no clear sense yet of how that will happen or what comes after.
China joins Pakistan, which has emerged as an unlikely mediator in the US-Israel war against Iran. Officials in Beijing and Islamabad have presented a five-point plan with the aim of bringing about a ceasefire and re-opening the vital Strait of Hormuz.
Pakistan, which has been a US ally in the past, seems to have won over Trump to mediate this conflict.
Beijing, however, is entering the fray as a rival to Washington, and ahead of a crucial trade talks between Xi Jinping and Donald Trump next month.
China's backing on this is 'very important,' says Zhu Yongbiao, a Middle East expert and director of the Centre for Afghanistan Studies at Lanzhou University.
'Morally, politically and diplomatically, China is providing comprehensive support with the hope that Pakistan can play a more distinctive role.'
It is also a turnaround for Beijing, whose official response to the war has so far been quite muted. So why is China stepping in now?
The peace plan was drafted after Pakistan's foreign minister flew to Beijing to ask for Chinese support for the country's efforts to negotiate an end to this conflict.
His efforts appear to have worked. China's Foreign Ministry stated that both nations were making 'new efforts towards advocating for peace.' Dialogue and diplomacy were reiterated as the only viable options to resolve conflicts.
It's not just about oil, although that will be a concern. China, the biggest importer of crude oil in the world, has enough stockpiled to get it through the next few months.
Beijing will likely have decided to play the role of peacemaker because the war in Iran jeopardises something Xi covets: stability. A stable global economy is crucial for China, especially as it tries to revive ailing domestic growth.
'If the rest of the world begins to slow down economically because of an energy shock, that's going to be tough for China's factories and exporters,' warns Matt Pottinger, Chairman of the Foundation for Defense of Democracy's China Program.
Already, fears are mounting that China's industrial heartland will be impacted long-term if this crisis persists. Paying a higher price for oil affects the entire supply chain, from raw materials for everyday items to components in technology.
China has cultivated relationships across the region with both US allies, like Saudi Arabia, and adversaries like Iran, in an effort to leverage its economic partnerships.
With China as Iran's leading trade partner and a major oil buyer, it hopes to ensure stability in the region that directly affects its economic interests.
China's interest doesn't stop at oil; it has ambitions to expand influence in a region historically dominated by the US. This perspective is marked by an awareness of its limitations in projecting military power, especially when juxtaposed with the US's substantial presence in the Gulf.
The effectiveness of this latest peace initiative remains to be seen, especially as both US and Iranian responses are still awaited. Nevertheless, this maneuver positions Xi as a potential neutral broker, contrasting sharply with the US's military-focused approach.
