This is a big elbowing against the US control of Kiev. Should require drastic reaction from US State Dept. They can do a removal of Zelensky and a very serious move with Taiwan.
China may see an opening for them by misinterpreting the military campaign. They have a think tank in Beijing that game played the military campaign and think Russia is bogged down.
Clearly, it is a move to save Ukraine for the EU, China's biggest market which is going to hell in a handbasket.
What they underestimate is the US headlock it has on EU and a war going well for the US plan to tie down Russia in the western flank (Ukraine) while the US stirs up Central Asia and the North and South Caucuses. They can also easily fire up Syria to help drain military power from Russia.
I don't see the US allowing much to happen that benefits China. All that the US has been doing for 10 years is going well for them. Chaos and destruction benefits the US. They may have serious domestic problems but that is all incidental compared to maintaining their hegemony. Empire persists until it dies. It may have some wounds, but it is very strong in Russia's and China's weak places.
http://smoothiex12.blogspot.com/2023/03/larrys-excellent-take.html#disqus_thread