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The rally reflected a market view that the worst-case economic fallout from the conflict may yet be avoided if negotiations regain momentum. Investors were encouraged by signs that talks between Washington and Tehran could resume after earlier efforts faltered, easing some fears over energy supply disruptions and allowing attention to swing back to earnings, economic data and the resilience of household demand in the United States and Asia. That shift in mood helped lift US stock futures and underpinned broader gains from Tokyo to Mumbai.

Japan led the advance, with exporters and technology names benefiting from stronger risk appetite and the market’s belief that any easing in Middle East tensions could reduce pressure on fuel costs and shipping. The Nikkei’s record level also reflected investor confidence that large Japanese companies remain well placed to benefit from global demand for semiconductors, automation and artificial intelligence infrastructure. Elsewhere, South Korean and Hong Kong shares also moved higher, while mainland Chinese markets were supported by data showing the economy expanded by 5.0 per cent in the first quarter, beating expectations and offering some reassurance that domestic activity has retained momentum despite the geopolitical shock.

Wall Street’s lead mattered. The S&P 500 closed at 7,022.95 on Wednesday, a record that marked a full recovery from losses triggered after the conflict began in late February, while the Nasdaq posted another record finish and extended a powerful winning streak. Strong results from major banks, including Bank of America and Morgan Stanley, reinforced the idea that corporate America is entering the earnings season on firmer footing than many investors had feared when oil prices spiked and risk assets sold off. Reuters reported that 84 per cent of companies that had reported by then had beaten expectations, helping to steady nerves about margins and consumer activity.

The earnings story is now sharing the stage with geopolitics. Markets are effectively pricing a narrower range of negative outcomes than they were only weeks ago, but that optimism remains conditional. Oil prices, while off their most alarming levels, are still elevated by historical standards, and every diplomatic headline continues to carry outsized weight because the Strait of Hormuz remains central to global crude flows. Reports that Iran may allow shipping through the waterway helped calm traders, though supply risks have not disappeared, especially with refinery disruptions in Australia and the threat of fresh sanctions or military miscalculation still present.

That tension between relief and caution is visible across asset classes. The dollar was broadly steady, the euro stayed firm, gold edged up and cryptocurrencies drifted lower, all signs that investors have not fully abandoned hedges even as they add exposure to equities. In India, shares opened higher as lower oil prices and hopes of renewed dialogue supported all major sectors, with the Nifty 50 and Sensex building on gains from the previous session. For economies that import large volumes of energy, any sustained cooling in crude would ease inflation pressure, support currencies and give central banks more room to focus on domestic growth rather than external shocks.

Technology remains a central pillar of the market’s confidence. Taiwan Semiconductor Manufacturing Co. was in focus ahead of results that investors expected to show a sharp profit jump, driven by demand tied to artificial intelligence chips. That anticipation has fed into a broader belief that the AI investment cycle can continue to offset weakness elsewhere in the global economy. Yet the strength of that narrative also creates a vulnerability: richly valued technology shares leave little room for disappointment, and any sign of slowing orders or tighter capital spending could quickly change the market tone.

Pressure on the economy is already visible in trade and commodity data. Merchandise trade with the Middle East has been hit by shipping disruption linked to the conflict, even as stronger exports to the United States helped keep March’s overall trade deficit lower than expected. At the same time, the fertiliser bill has jumped sharply: urea import offers to Indian Potash Ltd clustered near $1,000 a tonne this week, roughly double the level seen two months ago, raising the prospect of a larger subsidy burden just as the kharif cycle approaches. For policymakers, that combination matters because it hits both external accounts and domestic costs, especially in food production.

Energy remains the central fault line. The Strait of Hormuz handles about a fifth of global oil and gas shipments, and for India it is a vital corridor for roughly half of crude and LPG imports. That vulnerability has been laid bare by delays to vessel movements and the stranding of India-flagged ships in the Gulf. Iran’s envoy in New Delhi has denied any toll demand on tankers, and India has also said no such payments were made, but the broader message from the episode is that the route can no longer be treated as a routine artery for commerce when conflict risk is this high.

Oil traders have taken some comfort from ceasefire diplomacy and indirect talks between Washington and Tehran, yet prices remain elevated because markets do not believe a durable fix is close. Brent crude was still around $95 a barrel on April 16, and analysts say disruptions to flows through Hormuz remain severe. That leaves New Delhi facing a familiar but uncomfortable calculation: protect households from a fuel shock and risk wider fiscal stress, or let higher import costs work their way through the system and accept stronger inflation. The International Monetary Fund and World Bank have both warned that the conflict could scar global growth, raise prices and impose lasting damage even if the battlefield quietens.

Those warnings matter because the shock is broader than petrol and diesel. Wholesale prices are already climbing, and manufacturers are absorbing costlier freight, energy and feedstock. Fertiliser is a particular worry. If elevated urea prices persist, the state may have to spend more to shield farmers, while any squeeze on supply would carry risks for sowing costs and food inflation later in the year. Economists have argued for targeted support rather than broad subsidies, but that is easier said than done in a country where energy and fertiliser costs have immediate political as well as economic consequences.

There are, however, offsets that could soften the blow. March trade numbers showed that stronger shipments to the United States helped compensate for weaker business with the Middle East, and India continues to diversify its energy basket through Russian supplies and other alternatives where pricing works in its favour. A sanctioned LNG cargo from Russia is heading to Dahej, underlining the government’s willingness to prioritise supply security and consumer interests over diplomatic noise around purchasing patterns. That flexibility has given India more room than many pure importers, though it does not erase the strategic dependence on Gulf routes.

The exhibition focuses on connecting Asian suppliers with global importers and exporters, streamlining cross-border procurement processes, enhancing supply-demand matching efficiency, and enabling businesses to expand into international markets more effectively.

Since its debut in 2022, ASLE, co-organized by AsianNet and TradeAsia (www.e-tradeasia.com), has consistently attracted high-quality international buyers. With strong performance in precise matchmaking, inquiry conversion, and actual order generation, it has become one of Asia’s most representative online B2B trade exhibitions.

Global Exhibition Synergy and Expanded Scale

The 2026 edition will feature a significant scale upgrade and run concurrently with several leading international exhibitions, including the FIBO Germany International Fitness and Wellness Expo, Techtextil Frankfurt, the Outdoor Retailer and Outdoor Design and Innovation Expo in the USA, ISPO USA, and the India International Sports Goods Expo.

By aligning with global exhibition schedules and integrating cross-platform resources, ASLE 2026 consolidates international buyer traffic and enables procurement professionals to efficiently complete supplier selection, product comparison, and sourcing decisions. This approach significantly shortens decision-making cycles and improves procurement accuracy.

Centered on high-efficiency matching, targeted traffic, and conversion-driven results, the exhibition establishes a comprehensive B2B business connection ecosystem. It enhances exhibitors’ global exposure, improves inquiry quality, and effectively drives order conversion and market expansion.

Showcasing Verified Suppliers and Diverse Product Categories

ASLE 2026 will feature a strong lineup of leading Asian manufacturers, demonstrating the depth and innovation of the region’s sports and leisure industry. Participating companies include JIH KAO ENTERPRISE, FLYWELL INTERNATIONAL, YI CHI HSIUNG, and HSIN HAO HEALTH MATERIALS.

These suppliers will showcase a wide range of products, including fitness equipment, sports gear, functional textiles, outdoor and camping products, and health-related solutions, providing buyers with diverse sourcing options across multiple categories.

ASLE 2026 highlights core sports categories such as Sports and Game Equipment, Sport Ball Equipment and Gear, Fitness and Body Building, Skateboarding and Skating Equipment, and Water Sports Equipment and Supply. The exhibition also features sports accessories, sportswear, and technical textiles, as well as lifestyle segments including Outdoor and Camping Recreation, Sporting and Travel Goods, and Indoor Games and Leisure. Health and Wellness and health food products further extend the exhibition’s cross-industry integration.

By integrating technological innovation with practical applications, ASLE 2026 provides a high-efficiency B2B sourcing environment that enables global buyers and industry partners to expand markets, accelerate procurement decisions, and establish long-term business relationships.

Digital Features Enhancing Efficient Sourcing

The Asian Sports and Leisure Online Exhibition 2026 introduces a range of advanced digital features, including dedicated exhibitor pages, e-catalogs, and integrated online exhibition interfaces. Fully integrated with the TradeAsia platform, these tools significantly enhance supplier visibility and maximize sourcing efficiency.

In addition, the exhibition incorporates an efficient business matching mechanism, enabling buyers to quickly identify suitable suppliers based on their sourcing needs. International buyers can access the exhibition anytime, explore detailed supplier information, and utilize online inquiry functions to accelerate procurement decision-making.

This hybrid model effectively eliminates time and geographical barriers while delivering a cost-efficient and results-driven global sourcing experience.

Start Sourcing Now

Explore suppliers, discover products, and send inquiries directly through the official exhibition platform:
https://www.e-tradeasia.com/online-show/44/Asian-Sports-and-Leisure-Online-Exhibition-2026.html

Hashtag: #TradeAsia

The issuer is solely responsible for the content of this announcement.

About TradeAsia

TradeAsia (www.e-tradeasia.com) is a leading B2B international trade platform dedicated to delivering high-efficiency, conversion-driven business matching services. The platform connects millions of members, over 600,000 suppliers, and extensive up-to-date product listings, forming a highly active global supply-demand network.

In addition, TradeAsia has established strategic partnerships with hundreds of trade organizations and exhibition entities worldwide, integrating both online and offline marketing resources to maximize international exposure. Exhibitors benefit from stable, high-quality buyer traffic and expanded global reach, enhancing brand visibility and increasing conversion opportunities.

China is set to issue 15.5 billion yuan in sovereign bonds in Hong Kong on 22 April, marking its largest offshore yuan government bond sale in the city since 2023 and adding to the pool of renminbi assets available to global investors at a time when geopolitical strain and inflation fears have unsettled many other markets. The Ministry of Finance disclosed the plan on 15 April, with detailed tender arrangements to be published through Hong Kong’s Central Moneymarkets Unit.

The move comes as China’s bond market has drawn fresh attention from overseas investors looking for relative stability. Foreign investors put about $2.5 billion into Chinese debt in March, while other emerging markets as a group suffered roughly $16.7 billion of outflows, according to Reuters data. That divergence has sharpened interest in yuan assets, helped by lower inflation in China, a still-supportive monetary stance and a yield curve that has behaved differently from those in the United States and Europe.

For Hong Kong, the planned sale also reinforces its role as the main offshore centre for renminbi financing. Regular sovereign issuance from Beijing has long been used to deepen the city’s yuan liquidity pool, extend the offshore yield curve and provide benchmark pricing for other issuers. Hong Kong authorities have made expansion of the offshore renminbi ecosystem a policy priority, linking bond issuance with broader efforts to promote cross-border settlement, trading and investment products tied to the Chinese currency.

Beijing has already tapped the Hong Kong market once this year. In February, the Ministry of Finance sold 14 billion yuan of sovereign bonds in the city, split across two-year, three-year, five-year, 10-year and 30-year maturities, with the offering drawing nearly four times subscription. That strong demand provided an early signal that institutional investors still had appetite for Chinese sovereign paper despite uncertainty over domestic growth and external trade conditions. The new 15.5 billion yuan deal will exceed that February size and also top the 12.5 billion yuan tranche sold in Hong Kong in April 2025.

Timing is central to the significance of the sale. Global investors have been reassessing where to park money as the war involving Iran has pushed up oil prices, clouded the inflation outlook and stirred volatility across currencies and bonds. The International Monetary Fund warned this week that the conflict is raising broader financial stability risks, especially if funding conditions tighten or inflation expectations become more entrenched. Against that backdrop, China’s comparatively subdued inflation and its ability to avoid the kind of aggressive rate response seen elsewhere have made its debt market look more defensive than many peers.

That does not mean investors are ignoring the risks. China remains a large energy importer, and any sustained period of high oil prices could feed through into producer costs, growth expectations and longer-dated bond yields. Reuters reported that investors have favoured short- and medium-dated Chinese bonds more than the long end, even as demand for the asset class has improved. There are also broader questions around China’s economy, including softer credit demand, pressure on exports from weaker global activity and the continuing need for fiscal support. March bank lending rose from February levels but still missed expectations, highlighting the uneven nature of the recovery.

The bond sale also fits within a wider fiscal picture. China’s 2026 budget includes 1.3 trillion yuan of ultra-long special treasury bond issuance, matching the previous year, and the Finance Ministry is due to brief underwriters on the broader government borrowing plan. Investors have been closely watching how Beijing balances support for growth with concerns about duration risk and market absorption, especially after expectations of a smaller allocation of 30-year special bonds helped pull those yields lower.

For Hong Kong’s market, a larger sovereign bond sale offers both symbolism and practical benefits. Sovereign paper from Beijing serves as a high-grade reference point for pricing dim sum bonds and other offshore renminbi instruments, while also supporting repo activity and secondary-market development. The more frequently and predictably such bonds are issued, the easier it becomes for asset managers, banks and reserve holders to build yuan exposure outside the mainland. Hong Kong officials have repeatedly framed that process as essential to strengthening the city’s function in renminbi internationalisation.

Decoupling the Battery from the Price Tag

For decades, the battery has been the most expensive single component of an electric car. It is also the component most likely to depreciate. XEV’s innovative business model fundamentally alters this equation by separating the vehicle (hardware) from the battery (service).

Customers purchase the car but lease the energy capacity. This strategy significantly lowers the initial purchase price. It makes premium urban mobility accessible to a broader demographic. This ranges from young professionals seeking their first vehicle to fleet operators managing tight margins.

“We are not just manufacturing cars. We are redefining vehicle ownership,” says the XEV leadership team. “Our goal is to make car production as flexible as smartphone manufacturing. We give users exactly what they need for city living without the financial weight of traditional ownership.”

3 Minutes to Full Power: Solving the Charging Crisis

Range anxiety remains a critical hurdle for European EVs. This is particularly true for drivers without private home charging infrastructure. XEV addresses this with its proprietary battery swapping network.

The XEV YOYO and the upcoming XEV XPRESSION are engineered with a modular battery system. Instead of waiting hours at a charging point, drivers pull into a dedicated station. They complete a fully automated battery replacement in approximately three minutes.

This “SWAPPING” technology does more than save time. It improves operational efficiency for commercial users and ensures the vehicle is immune to battery degradation. Since the driver does not own the battery, they never have to worry about the cell’s lifespan affecting the car’s resale value. This creates a “Zero Usage Anxiety” experience for the owner.

Data-Driven Customization: The End of “One Size Fits All”

The XEV lineup is purpose-built for the narrow streets and high congestion of European cities. With a compact footprint of roughly 2.5 meters, the YOYO navigates historic city centers with ease. However, small size does not mean limited options.

Unlike legacy automakers that push stock inventory, XEV utilizes a data-driven C2M model. Users configure their vehicles via an online platform. They select distinct exterior colors, interior materials, wheel designs, and specific features. This user input triggers a flexible production process that creates a customizable car tailored to specific tastes. XEV uses the massive data generated from these customization choices to refine future designs and forecast market trends with precision.

Commercial Application: Powering the Last-Mile Economy

The flexibility of the XEV platform extends well beyond personal commuting. It is designed to serve the booming last-mile economy. The platform supports last-mile delivery vehicles and shared mobility fleets.

XEV provides specialized enclosed cargo options for logistics companies. The vehicle can even be customized for small business applications, such as mobile coffee carts or retail trucks. For small business owners, the vehicle serves as a mobile asset that can be configured for specific trades, effectively lowering the barrier to entry for entrepreneurs.

XEV has already initiated pilot projects with major European logistics firms to prove the model’s viability for high-frequency urban commuting and commercial delivery. For car-sharing services, the high utilization rates and low maintenance needs of the YOYO make it an ideal asset for time-based rental fleets. The modular design further supports this eco-friendly lifecycle by facilitating easy repair and part upgrades. This extends the product lifespan and reduces waste compared to traditional vehicles that are often scrapped when a single major system fails.

A Strategic Supply Chain for a New Era

XEV achieves this level of flexibility through a strategic manufacturing model. The company adopts a capital-light approach that relies on deep collaboration with mature Asian automotive supply chains. This ensures rigorous quality control and cost efficiency without the bloating of traditional manufacturing.

Simultaneously, XEV is committed to European localization. The company is currently establishing assembly hubs and battery swapping networks across Europe to better serve local demand. This dual approach allows XEV to combine global manufacturing power with local market responsiveness. It ensures that while the technology is global, the support and infrastructure are local.

Availability

Sales and deliveries of the XEV YOYO have commenced in selected European markets, including Italy and Germany. The company continues to expand its infrastructure to support the growing network of users who demand a smarter and cleaner way to move through their cities.

For more information on the YOYO and the battery-swapping network, visit https://www.xev-global.com/yoyo or explore the upcoming XPRESSION model at https://www.xev-global.com/xpression.
Hashtag: #XEV

The issuer is solely responsible for the content of this announcement.

About XEV

XEV is an innovative electric vehicle company committed to transforming the way cars are designed, built, and owned. Through its direct-to-consumer (DTC) online customization platform and a flexible production system, XEV integrates personalized user demand with modular smart manufacturing. The company’s mission is to make electric vehicles accessible and lifestyle-aligned for everyone. It drives the transition toward sustainable and personalized mobility. XEV positions itself not just as a manufacturer but as a global leader in urban electric mobility solutions.

The slowdown matters because overseas sales have been doing much of the heavy lifting for China while the property downturn and soft household spending continue to restrain growth at home. Economists surveyed by Reuters expect the economy to have expanded 4.8 per cent in the first quarter, up from 4.5 per cent in the previous three months, but they also see the outlook dimming as the Middle East conflict pushes up input costs and clouds demand in key markets.

March’s figures suggest that what had looked like a strong start to the year is becoming harder to sustain. Earlier gains had been supported by front-loaded shipments, strong demand for artificial intelligence-linked electronics and a rebound in some advanced manufacturing exports. That mix is now facing a harsher external backdrop. The conflict involving Iran has disturbed energy markets, with the Strait of Hormuz under severe strain and oil prices climbing towards the $100 a barrel mark, a level that raises transport, production and logistics costs across Asia and Europe.

Imports into China, by contrast, jumped 27.8 per cent in March, the strongest increase since late 2021. Part of that rise reflected demand tied to semiconductors, components and technology supply chains, but it also pointed to stockpiling and shifting trade flows as businesses prepared for a more volatile energy and freight environment. The divergence between softer export growth and surging imports may complicate Beijing’s effort to keep its large trade surplus intact through 2026.

Pressure from the Iran conflict is being transmitted through more than one channel. China remains heavily exposed to imported energy, and although it has reserves and a diversified supply base, higher crude and gas costs squeeze manufacturers’ margins and can erode the price competitiveness that has underpinned the country’s export machine. Reuters reported that March also brought the first rise in factory-gate prices in more than three years, indicating that cost pressures are building just as external demand becomes less predictable.

There are also direct trade effects. Reuters reported that crude and natural gas imports fell as the regional conflict disrupted flows. OPEC, in its first formal assessment of the war’s economic effect, cut its forecast for second-quarter global oil demand by 500,000 barrels a day, saying the conflict had become a meaningful drag on consumption and trade. For export-oriented economies such as China, that points to a tougher environment in which customers abroad may curb discretionary spending while producers face steeper energy bills.

Yet the picture is not uniformly bleak. China’s technology and clean-energy manufacturers still have areas of strength that could cushion the blow. Overseas demand for electric vehicles, batteries and solar equipment has been supported by the same oil shock that is hurting traditional exporters. Associated Press reported that Chinese new-energy vehicle exports continued to surge in March, while another AP analysis said the energy crisis was sharpening global interest in Chinese clean-tech supply chains. Those sectors are unlikely to offset every weakness, but they do show that the country’s export story is becoming more uneven rather than simply weaker across the board.

That unevenness is visible across product categories. Lower-value consumer goods such as clothing, furniture and other labour-intensive shipments were hit by seasonal factors and softer foreign demand, while higher-end electrical and AI-linked exports remained more resilient. South Korea’s sharp rise in exports to China, driven by chip demand, underlined the point that advanced technology supply chains are still expanding even as broader goods trade loses pace.

Beijing now faces a familiar policy dilemma made more acute by war. It wants to preserve growth without adding excessive leverage, support exporters without worsening trade tensions, and stabilise domestic demand while avoiding another debt-fuelled property cycle. Current forecasts still place full-year growth within the official 4.5 to 5 per cent target range, but many analysts now expect a weaker second quarter than they did before the Iran crisis deepened. Fiscal support, bond issuance and selective easing remain on the table, though officials appear cautious about deploying a large stimulus immediately.

Attendees included Yang Changqing, Director of the China Cultural Center in Madrid; Aranzazu Urbina Álvarez, Deputy Director for Sustainability and Tourism Development, Community of Madrid; and representatives from over 30 local cultural and tourism enterprises, travel agencies, and industry associations. Together, they conducted in-depth discussions on bilateral cooperation in culture and tourism. Local travel agencies, cultural and tourism companies, and industry association representatives in Madrid showed strong interest in Hainan’s tourism resources and engaged in extensive exchanges with the Hainan delegation, injecting new vitality into the future coordinated development of cultural tourism between the two regions.

Yang Changqing noted that the seminar provides Spanish travel operators with a window to deeply understand the latest developments in China’s inbound tourism market. She expressed China’s hope to enhance cooperation with Spanish cultural and tourism professionals, aiming for more concrete outcomes in joint tourism product development and two-way visitor exchanges, thereby elevating bilateral cultural and tourism cooperation to a new height.

Aranzazu Urbina Álvarez remarked that the event has created a valuable platform for dialogue between China and Spain, enabling both sides to share insights on core issues such as sustainable tourism development. She expressed her anticipation of visiting Hainan in the future to tour the local tourism sector and pinpoint cooperation opportunities that capitalize on the complementary strengths of the two sides.

Over the past year, cultural and tourism exchanges between Hainan and Madrid have seen remarkable progress. Hainan’s Food Week event in Madrid allowed European audiences to experience the unique charm of this Chinese tropical island firsthand. This year, Hainan officially set up a tourism promotion office in Madrid, which will further open channels for cultural and tourism enterprises from both sides to connect, boosting tourism promotion and cooperation on the ground.

Wang Yuechuan, Director of the International and Hong Kong, Macao, Taiwan Market Promotion Division of the Department of Tourism, Culture, Radio, Television and Sports of Hainan Province, stated that the Hainan Free Trade Port is actively working to launch a direct flight route from Madrid to Haikou. At the same time, it is continuously improving infrastructure, such as international payment systems and multilingual services, to offer European tourists a more convenient vacation experience.

Hashtag: #HainanTourism

The issuer is solely responsible for the content of this announcement.

Sánchez, on his fourth trip to China in four years, arrived with a message that mixed engagement with caution. On the eve of meeting Xi, he told an audience at Tsinghua University that China should assume a larger role in tackling climate change, inequality, global health, responsible artificial intelligence and major conflicts, while also arguing that Europe must step up as the United States pulls back from several fronts. That language reflected Madrid’s attempt to deepen economic relations with Beijing without ignoring the strategic unease that still colours China’s ties with much of the West.

For Xi, Spain offers a politically valuable counterpart inside the European Union. Beijing has been looking for reliable European interlocutors as Brussels tries to defend industrial interests, scrutinise state-backed Chinese investment and manage disputes over electric vehicles and market access. Spain has often sounded less confrontational than some other European capitals. Sánchez has previously urged compromise over tariffs on Chinese-made electric vehicles and has continued to frame China as a strategic partner rather than only a rival. That posture does not place Madrid outside the EU mainstream, but it does make Spain one of the more open major economies for Chinese diplomacy.

Trade remains the hardest fact beneath the warmer language. Sánchez acknowledged in Beijing that China accounts for 74 per cent of Spain’s overall trade deficit, and Reuters reported that Spain’s deficit with China approached $50 billion in 2025 after more than doubling over four years. Madrid wants better access for agricultural and manufactured exports while preserving inward investment that could help its green transition and industrial base. Chinese capital has already been tied to projects in batteries, hydrogen and manufacturing in Spain, underlining why the government sees practical gains in staying engaged even as the imbalance in trade grows harder to ignore.

That commercial logic is colliding with a tougher geopolitical climate. Sánchez’s visit has drawn scrutiny because it comes as China seeks stronger European ties during a period of strain with Washington. Reuters reported before the trip that Sánchez’s independent line on China had already irritated U. S. President Donald Trump, while Spain also rejected sharp U. S. criticism of moves to expand trade with Beijing. Chinese officials, for their part, signalled before the visit that they wanted to use it to deepen strategic trust, cooperation and multilateral coordination. The result is a diplomatic balancing act in which Madrid is trying to protect its autonomy, retain access to both superpowers and avoid being forced into a binary choice.

The political symbolism runs beyond bilateral ties. Sánchez’s stop in Beijing follows a succession of other European leaders visiting China this year, suggesting that even governments wary of Beijing’s security posture and industrial policies still see a need for direct dialogue. China is encouraging that trend, presenting stable relations with Europe as proof that it is not isolated despite mounting tension elsewhere. Spain’s government has echoed part of that argument, with Sánchez saying in Beijing that Europe and China had prospered together before and could do so again. That sentiment fits neatly with Xi’s effort to frame China as a pillar of order against a backdrop of war, protectionism and institutional drift.