As the war in Iran has driven up oil prices, one market that has held up unexpectedly well is the world’s biggest crude importer: China. Chinese stocks have fallen less than global peers since the conflict began, the yuan has held steady against the dollar and government bond yields have barely moved. Together, this amounts to a surprising resilience in a crisis that, at first glance, might seem to leave the country vulnerable.

For decades Beijing has sought to insulate its economy from precisely this kind of shock. It has poured investment into renewables, dominated much of the clean-energy supply chain and promoted electric vehicles at a remarkable pace. The result is that the economy is still dependent on imported fossil fuels but is seen to be less than before – providing some protection as oil prices have risen by as much as 65% since the conflict.

“The Chinese asset class is something that is missed by global investors as a safe haven,” said Kerry Yeung, head of Greater China Debt at Pictet Asset Management.

Global markets have been on a roller coaster since the war began in late February. Stocks fell as crude – which had briefly risen to around $120 a barrel – threatened to stall inflation and delay central bank easing, only to return to signals from Washington signaling a possible end to the fight.

Asian equities have been hit the hardest given the region’s heavy reliance on imported energy. Japan, Korea and India are down about 6%, 9% and 4% respectively since the end of February. European markets fell about 5% and US stocks fell 1.4%. Yet China’s CSI 300 fell just 0.3%. That means the Chinese investor has more capital saved than most major markets.