The whole situation is just a win-win for China. If Russia had succeeded with ease, it gave them cover for Taiwan. With Russia failing, it drives them into their arms as a natural resource supplier. If China wants to decline, then it gives them leverage to negotiate with the West "hey if you don't want us giving arms to Russia then stay out of the Taiwan straight."
Putin is fucking the whole world right now.
Not sure, but we may have more leverage on China, economically speaking.
We are a BIGGGGGGGGGGGG economy.
Russia is small, and, in fact the EU is way bigger than China.
China, it seems, is more interested in economic prosperity than stupid, expensive wars.
But if the last three weeks are any indication, China will play both ends against the middle, and toss a bone both to Putin and to US/EU/NATO
They are comfy being Putin's last friend on earth, just to keep Russia supplicant.
They know Putin's ass is grass, they just need to keep up appearances. Xi and the chinese are not big on embracing losers.