The Strait of Hormuz is on fire again, literally. The United States has struck Iran once more, hitting back after attacks on commercial vessels moving through the strait, and it has yanked Iran's oil export permits in the process. Oil prices have spiked in response, and the shipping lanes through Hormuz keep getting choked off as the standoff between Washington and Tehran drags on.
An oil tanker in the Strait of Hormuz was struck by a projectile and caught fire.
Beijing has rolled out three moves to take the edge off surging oil prices: tighter energy management, its strategic reserves, and a longer-term shift in its energy mix. Some foreign outlets say this is the second time that China rescues the world economy, with reference to China’s expansion of domestic demand and support for the world economy during the 2008 financial crisis.
The Wall Street Journal's analysis, cited by China News Service, makes the mechanism clear. China's pullback in crude imports has freed up supply for everyone else on the international market. Bertille Bayart, senior economics editor at France's Le Figaro, put it bluntly in a commentary last month: China is once again stabilizing the global economy through its own policy choices, just as it did after 2008.
Foreign media say China is once again rescuing the global economy, just as it did after the 2008 financial crisis.
Rewind to 2008 to see the first act. Markets collapsed, demand dried up, and growth stalled across the globe. China stepped in with a package of counter-cyclical policies that expanded domestic demand and helped pull the world economy out of its slump.
Now the crisis has emerged in the Middle East. The Hormuz Strait carries around 20 million barrels of crude and petroleum products every day, roughly a fifth of global oil transport. Any blockage there sends oil prices soaring, stokes inflation, and throws the world economy into disarray. In some countries, even plastic bags have gotten scarcer and pricier.
Faced with rising energy costs, most countries have scrambled to protect themselves. That has meant hoarding energy resources and throwing up trade barriers, moves that only deepen the global economic pain. China has chosen a markedly different path.
China's crude imports fell 29% year-on-year in May. That single move freed up a large chunk of supply for other countries on the international market. The confidence to cut imports at a critical moment comes from China's massive strategic petroleum reserves, which have also helped keep a lid on prices.
China's crude oil imports fell 29% year-on-year in May, freeing up substantial supply for other countries on the international market.
Dig deeper and the real story is structural. China has spent recent years aggressively building solar, wind, and hydropower, cutting its reliance on traditional fossil fuels. U.S. consulting firm Asia Group notes that even if Hormuz gets disrupted, China's reshaped energy system means its exposure stays relatively limited.
Liu Zhicheng, a researcher at the Academy of Macroeconomic Research under the National Development and Reform Commission, told China News Service that the key to China's response is its comprehensive "ensuring supply and stabilizing prices" policy package. That package has headed off panic over global oil supply and cooled the risk of stagflation. Backed by a solid energy supply system and its strategic reserves, China has kept procurement rational and orderly, avoiding speculative buying and excessive stockpiling while managing refined oil prices directly. These steps protect global energy security and keep supply chains stable.
In effect, China has blocked oil shortages and price spikes from cascading through industrial sectors, kept production running steadily, and kept upstream and downstream links smooth, easing the disruption risks that geopolitical conflict tends to trigger.
That is the "second rescue" in a nutshell. Structural resilience, industrial upgrading, green transformation, and steady macro-control: these are the tools China used to hold a turbulent global economy steady.
Liu sees a bigger story here than oil. This is a demonstration of China's governance capacity under external shock, and proof of the significant role it now plays in keeping the global economy upright.
Mao Paishou
** 博客文章文責自負,不代表本公司立場 **
Outside 1515 Broadway in Times Square, the usual line mostly leads upstairs to the theater where The Lion King musical has been running for twenty years. But on September 19 local time, this line turned the corner, stretched all the way to the next intersection, and seemed endless.
The Line That Stopped Times Square
The source of the line was not the premiere of a new Broadway show, but a newly opened Chinese camera store.
The store opening that day was the first US flagship store of Chinese imaging brand Insta360. It was also the brand's first directly operated store outside Asia.
Insta360 was founded in Shenzhen in 2015. It first made its name with a camera designed for shooting panoramic footage. Its main products are panoramic and action cameras that do not require cumbersome equipment and can be shared directly after shooting.
In June 2025, it listed on the Shanghai STAR Market. Its market value once exceeded 70 billion yuan, about 76 billion Hong Kong dollars. Industry insiders have called it the world's first listed smart imaging company. Overseas markets contribute about 70 percent of its overall revenue.
The store was originally scheduled to open at noon, but the number of people lining up far exceeded expectations. According to US imaging media outlet PetaPixel, the crowd on the scene that day may have exceeded 1,000 people. The first customer arrived at 2:30 a.m. and waited nearly 10 hours.
One American netizen uploaded footage to social platform X. She described the line as a massive procession that turned two corners. She jogged while high-fiving people in line, and it took her a full 61 seconds to reach the end.
Insta360's New York flagship opening drew massive launch-day crowds.
The young man at the front of the line wants to become a YouTuber. He headed straight to the site after finishing work and queued overnight, becoming the day's 'number one fan.' He received a limited-edition new gimbal camera with an exclusive gold logo.
When asked why he was so enthusiastic about a Chinese brand, his answer captured a recent shift in the US imaging market. He said he used to ride his bike near Central Park a lot. Back then everyone was using GoPro, but now almost everyone has switched to Insta360.
In the line there was also a race car driver who flew nearly 10,000 kilometers from Egypt specifically for this. Egypt still has no Insta360 dealer, and he had tried many places without being able to buy one. So he simply flew directly to New York.
There was also an American father who specially brought his 10-year-old son to New York so they could experience Insta360's latest camera together as a birthday gift.
Coincidentally, Tim Cook, who has stepped down as Apple's chief executive officer and now serves as chairman of the executive board, also posted on Weibo on September 20.
He said every time he sees customers experiencing Apple's new products at Apple Store retail locations in China, it is especially uplifting. The accompanying photo showed customers waiting outside the store in long, multi-layered lines.
It so happened that on September 18 this year, Apple's iPhone 18 Pro series also went on sale in many places around the world. That triggered a fair amount of queuing as well.
But the mindset behind the two types of lines is completely different. Most people buying an iPhone have a hard need to upgrade and see it as routine. People who queued overnight to buy a Chinese camera were actively pursuing an emerging category that was previously unheard of.
The difference is also why outsiders are paying attention to Insta360's opening.
GoPro Fades as Chinese Brands Take Over
To understand the weight of that New York line, you first need to understand the global imaging industry's power map over the past few decades. Japanese camera brands long monopolized the industry's discourse. The American brand GoPro defined the action camera category and was once synonymous with the product type. But market research data shows the landscape has reversed in recent years.
In 2022, GoPro still held about 84% of the global action camera market. That was an absolute monopoly. Within just a few years, its share collapsed. By the first three quarters of 2025 it had fallen to about 18%. In the same market, GoPro went from roughly eight out of ten cameras to fewer than two in ten.
In August this year, GoPro submitted documents to the US Securities and Exchange Commission that included the blunt warning "substantial doubt about its ability to continue as a going concern." A company that once defined an entire industry now has to admit operating difficulties in public filings.
It has even agreed to merge with an American company in the artificial intelligence optics business. The deal is valued at $285 million, about HK$2.22 billion. Original shareholders would keep only about 10% of the merged company's equity.
In name it is a merger. In substance it is close to being swallowed.
Meanwhile, DJI and Insta360 together account for about 87% of the global handheld smart camera market. This queue is not just one Chinese brand selling well. It is an industry reshuffle. The American company that once set industry standards has been pushed to the margins by Chinese brands in just a few years.
DJI and Insta360 now control about 87% of the global handheld smart camera market.
The shift in Japan is even more telling. Japan has long been seen as the birthplace of the global imaging industry. Local consumers are fiercely loyal to camera brands. On July 2 this year, Insta360 held a launch event for a new gimbal camera in Shibuya, Tokyo.
By 6 a.m. consumers had already arrived to line up. The longest wait reached 9 hours. The organizer temporarily distributed 450 admission tickets, and they were all claimed within half an hour. The white version sold out online in just 5 minutes.
Retail data makes the point even sharper. Japanese research firm BCN reports that in 2025, a Chinese brand won the annual sales crown in the action camera category for the first time. DJI and Insta360 together took about 78% of the Japanese market. GoPro's share collapsed from 34.3% the previous year to 18.9%.
In other words, even in Japan, widely regarded as the birthplace of global imaging technology standards, local consumers would rather queue overnight to buy Chinese cameras.
Chinese brands now lead Japan, overtaking long-time giant GoPro.
What the Queues Really Mean
Back in New York, that flagship store means far more to Insta360 than an opening ceremony. On opening day, Insta360 also announced cumulative global camera shipments had passed 10 million units. That is more than 10 million cameras sold over ten years.
The opening event drew Casey Neistat, a North American imaging creator with more than 10 million followers, along with die-hard users who have followed the brand for years. One of them, Anthony Quintano, was first in line at 3 a.m. for Insta360's first new-product pop-up in New York last year. He became the first person in the world to buy that new model.
Another was Kevin, a cycling community leader. He and 100 local riders in bright yellow jerseys rode through New York landmarks on opening day. They recorded the journey on Insta360 cameras the whole way.
From top influencers and veteran loyalists to ordinary citizens, three seemingly unrelated stories map Insta360's ten-year localization effort in the United States. This Chinese company did not simply move a store into another country. It cultivated local creator circles and vertical communities, embedding itself in local life.
Top creators and local cyclists joined the store ribbon-cutting.
Around Times Square, Insta360's store sits not far from a cluster of Chinese brands that have already entered the US market: Pop Mart, Miniso, and Heytea. But compared with these 'Chinese neighbors' opening stores in New York, Insta360 has cultivated the US market for a full decade. It started out unknown, and now it draws a thousand people to queue overnight at the world's crossroads.
From Tokyo's Shibuya to New York's Times Square, Chinese camera brands are not riding a one-city viral moment. They are on a structural upward trajectory that spans regions and is backed by data.
Going overseas has never meant copying a store into a foreign country. It means making yourself part of local life. That may be the real strength of Chinese brands that has been most easily underestimated in recent years.
