China's strong recent industrial data underscores that Beijing has contained the Iran war shock so far, but prolonged shipping disruptions through the Strait of Hormuz would test the country's energy buffers and push policymakers toward more defensive support for growth, supply security and export competitiveness. China's industrial profits rose 15.8% year-over-year in March, the fastest pace in six months, after a 15.2% rise in January-February. First-quarter profits rose 15.5% as the broader economy expanded 5%. The gains were strongest in strategic sectors, as equipment manufacturing profits rose 21%, high-tech manufacturing profits jumped 47.4%, electronics profits surged 124.5% and railway, shipbuilding and aerospace manufacturing profits rose 16.7%. Raw materials producers also saw profits rise 77.9%, while mining profits increased 16.2% and manufacturing profits rose 19.1%; this suggests parts of China's industrial base benefited from stronger prices, pockets of demand and specific industry tailwinds, even as energy and input costs rose. April...
