China warned 25-year deal with Iran is ‘hugely risky’ despite hope it will boost influence in Middle East
- Beijing is hoping to boost its influence in the region, but the agreement may cause concern in other countries – especially those hostile to Tehran
- Some observers question whether it is worth Beijing tying itself to a country that is diplomatically isolated and whose economy has been hit by sanctions
Both sides hailed the deal, signed last week by Foreign Minister Wang Yi and his Iranian counterpart Mohammad Javad Zarif, as a key step in elevating their relationship, and Beijing hopes it will boost its influence in the Middle East.
The two sides have not made details of the plan public, while state media has reported only that it involves cooperation in fields such as trade, economics and transport.
The plan did not include any specific contracts and goals, nor did it target any third party, Zhao Lijian, a spokesman for the Chinese foreign ministry told a regular media briefing on Monday.
However, according to a New York Times report, China agreed to invest US$400 billion in Iran over 25 years in exchange for a steady supply of oil to fuel its growing economy.