You need to read the SCO statement carefully. The SCO did not condemn Russia but at the same time did not encourage Russia. Russia was hoping for more solid support, but they did not get any. Simply put, China does not have a dog in the fight over Georgia. Furthermore China would not mind seeing Russia and US/EU spend resources fighing each other while she builds up her own economic (thus military) power unscathed in any wars or fights. Before China embarked on free markets in the late 1970’s, they sent a group of scholars to study how the US achieved world power status starting in the late 19th Century to modern times. The conclusion they drew was that the US first developed economic power and during that period kept out of major international conflicts. China will adhere to that policy as long as Taiwan does not declare independence and no nation physically occupy the Spratley Islands. China’s long term goal is to achieve economic immenence (backed by a modern military a modern economy can buy) in the Far East and use finance to dominate her neighbors. She has already tempered US attitude towards her with her financial clout as we struggle with our bank failures, high government debt and etc. China exercises her power behind the scene and rarely in public, and many US citizens are unaware of it. Do you know how many US companies who rely on exports to Far East lobby Congress on China’s behalf?? Why do you think GWB was forced to attend the Bejing Olympics despite Tibet???? Have you ever considered that it happened when our banks were in deep problems and needed foreign cash, and our government needed buyers of US T Bills to finance our guarantees to these failing banks??? There is an old saying about Russia, US and China style of exercising power and dominance. Russia plays chess (manuever and attack), US plays Monopoly (invest and control) and China plays Go (surround and dominate).
If push comes to shove, they will support Russia, if only as some sort of Quid Pro Quo, to gain access to Siberian resources.
In that way China is a bit like Japan was, resource poor. They do have plenty of coal, but are sort on oil and "living room", and many other important materials.