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China is the one major power that can actually talk to all parties in the Middle East, and that makes Beijing indispensable to calming this mess. Pushing Iran and the U.S. back to a ceasefire and reopening the Strait of Hormuz protects global energy supplies and regional stability. The old security architecture in the Gulf has failed, and a U.S. uninterested in resolving the Houthi situation has no solutions.
Beijing talks peace while free-riding on a security order paid for by others. China buys the vast bulk of Iran's discounted oil, refuses to join maritime security efforts and offers no real alternative framework, pocketing the benefits of open sea lanes without shouldering any of the cost. Expecting Tehran to bend to Chinese pressure, and this will have no measurable impact on the security situation.