In early June 2020, a scan of an 18-page document began circulating on Iranian social media. Titled “Final Draft of Iran-China Strategic Partnership Deal,” the document, which appeared to have been leaked from the Iranian Ministry of Foreign Affairs, immediately caused a firestorm among the general public and politicians alike. Soon, the international media picked up the document and headlines blared that Iran and China were forging a new “alliance” to reorient the balance of power in the Middle East in defiance of the United States, even though China’s policy is not to make alliances in the region.

While that the leaked document included no financial targets, many news reports stated that the deal would see China invest $400 billion in Iran, a completely fictitious number that can be traced back to a dubious article published in the spring of 2019. Such errors reflect the long-running overestimation of China’s economic engagement not just in Iran, but also in the wider Middle East. Reporting on potential or promised financing or investment is rarely balanced by the actual amount of capital committed and how it is applied across the region.

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Read the full report at the Woodrow Wilson International Center for Scholars.