China understands that North Korea is no longer the besieged ally with no gateway other than Beijing, and that leaving the field entirely open to Russia carries a mounting strategic cost
Since last May's brief yet dangerous military confrontation between two nuclear-armed powers, a tenuous calm has held. But should a new war erupt, the margin of error this time will be far slimmer.
The Communist Party's general secretary since 2012 may have grown up in a secure compound for the elite, but he forged his values in the fields of rural Shaanxi province
The Strait of Hormuz has emerged as a fragile space of competitive geopolitical coexistence between the US and China. But it should be carefully managed.
Beijing can help Washington find a way out of its Gulf quagmire, but it won't come cheap. Xi Jinping may wonder aloud if the Americans still plan to defend Taiwan.
Legislation to fund the American military and intelligence services will include requirements that Israeli defence firms be involved in sensitive projects and that classified information be shared
Even if diplomatic progress continues, the Strait could be closed again. As a result, the geopolitical risk premium attached to Gulf energy exports is unlikely to disappear entirely.