At the Shanghai Cooperation Organisation summit in Bishkek, Xi Jinping presented China as the stabilizing force in an unsettled world and gave no ground to Washington's pressure to scale back Beijing's support for Iran and Russia, according to the NZZ.

The summit is the clearest public marker yet of how the US-Iran conflict and the war in Ukraine are testing, without so far fracturing, the informal China-Russia-Iran axis. Hypothesis: Xi's defiance signals Beijing has concluded US sanctions pressure is manageable, betting its economic weight with SCO partners cushions the cost of standing by Tehran and Moscow. The NZZ reports Xi displayed growing dominance over the gathering and was unmoved by US demands, supporting that reading. But the source details no concrete new Chinese commitments beyond posture, so whether the stance holds once the summit stage clears is untested.

The NZZ frames the summit as evidence of Xi's expanding influence within the SCO, the Eurasian bloc grouping China, Russia, India and several Central Asian states. Staging that defiance in front of the bloc doubles as a signal to Moscow and Tehran that Chinese backing is not for sale to Washington.

What to watch: whether the summit yields joint SCO language on Iran or Russia sanctions; whether Washington follows rhetorical pressure with new tariffs or secondary sanctions targeting Chinese buyers of Iranian or Russian oil; and whether Beijing's posture shifts if the US-Iran conflict escalates further.