As predicted, China is Chinaing.
https://www.mfa.gov.cn/eng/zxxx_662805/202302/t20230224_11030713.html

At this point there is ~no chance they will use the fog of war to attack Taiwan, instead what they will do is loudly and publicly make every attempt to broker a peace deal.

If neither Ukraine + The West, nor Russia are willing to come to the table, they will (in the most stoic and respectful way possible) announce that they are treating everyone in this matter as equally culpable.

Then they will help Russia.