China is making out big time from Iran's current economic plight and thereby worsening that plight in the long run.
Because the IRI is in no position to deal, it gets no mercy from Beijing. Thirty three years of anti-western, empire-questing policies (overt and covert) put the IRI in the position described by the Guardian. As a self-created pariah state, the IRI finds itself cut off from the global economy and almost totally dependent on China for survival.
Since Iran's domestic producers can't compete with China's cheap imports they are going bankrupt at record rates. As this occurs, Iran acquires the central trait of Third World economies--a total dependence on a raw materials for economic survival--in this case oil.
It gets worse. Whether the Third World good is oil, bananas or coffee, once a country becomes so dependent, any downward fluctuations in world prices for a given commodity hit especially hard because such economies lack the diversity to soften the impact. Alas for the IRI, e conomists predict major upcoming increases in suppy of oil (caused by new technology) will soon drive oil prices down.
The Guardian spares no detail in describing the consequences for ordinary Iranians.
SOURCE: "China floods Iran with cheap consumer goods in exchange for oil"