Oli, a long-time ally of Beijing, had just returned from a high-profile state visit to China when Kathmandu's streets erupted. For China, Nepal provides overland access to South Asia, sits alongside the sensitive Xizang region, and is a partner in water management, hydropower, and connectivity. To understand the stakes for both countries, it is necessary to look at what Nepal seeks from China and what Beijing, in turn, expects from Kathmandu. Nepal's external trade is still overwhelmingly dominated by India, thanks to geographic proximity and long-standing trade treaties. For now, Nepal continues to proclaim its commitment to non-alignment and seeks to balance relations with both India and China.