I remember hearing not too long ago from a certain someone that China was going to be a staunch ally of Russia in its "glorious crusade against the west." Meanwhile, "the west" is arming Ukraine to the teeth while China is doing nothing but tugging at their collars whilst letting out an exasperated sigh in Russia's direction.
China currently wants a stable world to profit from. That doesn't mean they aren't up to their own sinister business within their own borders that's worth its own whole host of condemnations, but this war has thrown instability into the mix, and between that and them dealing with resurgences of COVID this little ruse of Russia's has likely dragged into a situation far beyond their liking.
I liken it to... crime, really. China is like a crime family... keep their noses ostensibly clean, maintain some air of legitimacy, keep casualties within "the business," and keep your relationship with the other families straight... if not friendly, than at least not directly adversarial.
Russia is like a gang of street thugs, beating up old ladies and taking their purses and vandalizing public property to prove how tough they are. Eventually, their hooliganism catches up to them and they pick a fight with someone stronger than they thought they were, and the actual crime families get the chance to smack them back into place.