It is highly likely that China's leadership has already fully calculated the political implications of this war. From the diplomatic posturing of the past few days, it appears that China initially demanded the opening of the strait, but now it has shifted to a performative "call for peace and dialogue." In other words, whether the strait is opened or not is irrelevant to China: it has transitioned from "actively opening the strait" to "accepting the blockade status quo and benefiting from it."China has a complete coal chemical industry system that can substitute for petrochemicals under high oil price conditions. It also has a vast array of new energy industries. Beyond the short-term shocks, this war is advantageous to China across all dimensions.China's energy strategy over the past decade now seems, in hindsight, almost like it was prepared specifically for this moment. It's not that China foresaw this war, but rather that it has been systematically hedging against the scenario of "one day when Middle East oil supplies are disrupted." And now, that scenario has arrived.Coal chemicals represent the most underestimated card in China's hand. China possesses one of the world's largest coal reserves and has built the most complete global industrial chain for coal-to-oil, coal-to-olefins, and coal-to-natural gas. Projects like those from Shenhua and China Coal for coal-to-oil were loss-making when oil prices were at $60 per barrel, but profitable at $80-90. The higher the oil price, the stronger the economic viability of coal chemicals.This means that the impact of high oil prices on China's chemical industry has a natural ceiling—once petrochemical costs exceed those of coal chemicals, China can switch to the coal-based route. Japan and South Korea lack this option, as they have neither coal reserves nor coal chemical production capacity.New energy industries are even more straightforward. China controls over 80% of global photovoltaic capacity, more than 70% of lithium battery capacity, and over 60% of wind power equipment capacity. High oil prices don't strike a blow to China's new energy sector; instead, they deliver a massive demand accelerator.Every country under a $90-per-barrel oil environment would accelerate its energy transition, and the equipment needed for that transition comes almost entirely from China. China is both a hedger against high oil prices and a beneficiary of them.