Once Russia drains the NATO countries weapons, China can go in for the kill.
It is more likely China is disturbed to see what the few types of weapons we are giving Ukraine can do, and then seeing the West opening new factories and upgrading old factories to replenish those weapons or their newer upgraded versions, as domestic/NATO and world orders roll in, including from India, while Japan goes on its biggest military build-up since WWII and Australia buys American nuclear subs, and the Philippines and Taiwan welcome back American forces