it would be a disaster. Muslims are like sharks, who get into a feeding frenzy when they smell blood in the water, so ofcourse it would grow into a regional conflict. Then the world's oil supply would be threatened, and a regional war would obviously negatively impact oil prices, then that would harm the world economy. However, if Iran gets nuclear weapons... then again, you'd have the same problem, but Israel would be better off attacking than being attacked by a nuclear Iran. Doesn't China pursue it's own interests in this matter? Why shouldn't Israel pursue a path that prevents it's annihilation? China's loss if they lose their oil supply.
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Palestinians: One moderately wounded in Israeli strikes on southern Gaza Strip (Haaretz)
from the article: Medvedev: Israeli strike on Iran could spark global catastrophe