Now it's "cheap goods for Iranian oil".
No, it is nukes and missiles for oil.
I doubt the Imams give a damn about supplying the Iranian people with plush toys and DVD players. They do like the fact that China has no qualms at selling them any military hardware that they want including nuclear and missile technologies that will allow Iran to blackmail Europe into letting them continue building up their nuclear arsenal.
As a side benefit China gets to ensure they get a steady supply of crude oil at under market prices - you get a big discount when you by it $100B at a time.
If it makes you feel better, every time you buy something made in China you are helping arm Iran with nuclear weapons that eventually will be aimed at us.