Alice Han and James Kynge break down how China is navigating a delicate balancing act as the Iran conflict intensifies — protecting its energy supply while avoiding direct alignment. They also unpack BYD’s global expansion and what it means for Tesla as the EV race heats up. And in Chongqing, a massive new escalator system offers a striking look at China’s approach to infrastructure, scale, and urban life — plus a quick check-in on the markets to start the week.

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