Xi's $270 Billion Middle East Bet Limits China Support for Iran
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Even as China remains one of Iran’s biggest diplomatic allies, President Xi Jinping’s support for the Islamic Republic is being constrained by a vast trail of Chinese capital across the Gulf. China ramped up investment in the Middle East in the wake of the pandemic. Companies hit by a slump in the world’s No. 2 economy sought to cash in as Gulf states pushed to diversify beyond fossil fuels into green tech and tourism — sectors that neatly matched Beijing’s strengths. With developing nations li
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