Indeed. Yes it is.At the moment in relative terms it looks like big moves are made between arabs and Chinese. But if you look at absolute terms its looks like the arabs just got bumped up higher a couple of places more inline with where Iran was. So it has become a more even playing field between the Persians, Arabs and Chinese.
Moreover Navigating the relationship between them will be fraught with delicate balancing acts but china I believe is well equipped to handle it. The day when China break its own principles starts interfering in domestic affairs and regime change and putting bases in west Asia and security alliances then I will start to really worry.