President Donald Trump’s recent overtures to North Korean leader Kim Jong Un appear to progress several of China’s regional objectives: Washington has moved to scale back U.S.-South Korea military exercises, revived the prospect of direct diplomacy with Pyongyang and introduced new uncertainty into an alliance Beijing has long viewed as a constraint on its influence.

However, China’s reaction to date has been muted. Rather than openly welcoming the moves, Chinese commentary has largely taken a cautious approach, suggesting Beijing sees both opportunity and risk in a renewed U.S.-North Korea channel