China is emerging from the Iran war energy crisis with clear economic and geopolitical advantages, a new report argued.

China’s oil stockpiles and deep push into renewables helped shield the country from the worst of the disruptions from the Strait of Hormuz’s closure, unlike several Asian economies, which had to enact emergency fuel rations and work-from-home orders.

China’s relative insulation from supply and price shocks will “deepen economic dependencies” that Beijing could leverage for geopolitical advantage as it presents itself as “the stable global partner of choice,” The Asia Group wrote.

Countries are buying more clean tech from China as a result of the war, and “even some US partners will have incentives to hedge back” toward Beijing.