Why China will emerge from Iran war with leg up on US: Goldman Sachs Business Insider tells the global tech, finance, stock market, media, economy, lifestyle, real estate, AI and innovative stories you want to know. Goldman Sachs strategists says that the Chinese economy is better positioned than other nations — including the US — to withstand the historic oil shock from the ongoing war in Iran.The firm's economists said the war will be a 20-basis-point drag on Chinese GDP, half of the 40-basis-point hit estimated for the US. Goldman credited China's economic resilience to Beijing's strategic energy diversification efforts.Crude oil and liquified natural gas made up 28% of China's primary energy consumption in 2024, the lowest in the world. Further, alternative and renewable energy accounted for 40% of China's electricity generation over the same period.Another factor cushioning the Chinese economy is its substantial oil reserves. If crude imports were to come to a complete halt, China has enough oil in strategic and commercial reserves to meet the nation's supply needs for 110 days.China relies on several energy suppliers outside the Middle East, helping insulate it from the Iran war shock. These sources include Russia, as well as Australia and Malaysia.The conflict in the Middle East has hit the one month mark and oil prices are trading nearly 50% higher than prewar levels.High energy prices have weighed on economists' outlooks for for growth and are fueling inflation worries with some raising concerns about stagflation risks.Wall Street analysts have also cut their earnings projections on the war.