China’s economy is off to a strong start this year, even as the conflict between the US, Israel and Iran disrupts global energy markets.

It grew by 5 percent in the first quarter, beating expectations.

But, beneath the headline numbers, the situation is more complex.

Weak domestic consumption, a struggling property sector and a shrinking population are still weighing on the economy.

Beijing, though, is doubling down – investing heavily in high-tech industries and green energy, where it already dominates global supply chains.

And as the Iran war reshapes energy flows, China may be more insulated than most.