There is NO Israeli alliance with China.
There are some small weapons deals.
To suggest there is an "alliance" is very misleading.
There is no alliance yet, no. There have been a number of articles in the Israeli press suggesting that China would like such an alliance and that the current Sharon government has laid some groundwork.
Again, such an alliance would only come about if something drastic happened to the U.S.-Israeli alliance. Considering Secretary Rice's recent statements I can now actually see that as a possibility.