Let’s see what Xi actually said:
“Bilateral relations are based on the principles of non-alignment, non-confrontation and non-direction against third parties.” Translation: China isn’t going to openly support Russia’s war in Ukraine.
“Since the beginning of last year, there has been a total aggravation of the Ukrainian crisis. On the basis of the essence of what is happening, China has always taken an objective and impartial position, and has made active efforts to promote reconciliation and peace negotiations.” Translation: China isn’t going to take a fall for Putin’s Russia.
“The set of visions I have voiced serve as China’s founding principle in the Ukrainian settlement. This, in particular, is about the need to comply with the purposes and principles of the UN Charter, respect the reasonable concerns of all states in the field of security, support all efforts aimed at a peaceful resolution of the Ukrainian crisis, and ensure the stability of global production and supply chains.” Translation: We care about business and you are bad for our business.
”Before solving global problems, you need to settle your own affairs.”
They are clearly doing something very substantial however, in order to obtain the Russian agreement to settle all petro and mineral trades in Yuan.