a) Observing carefully as how the West is playing this crisis, how far they are willing to go when
b) Keeping a distance from both sides, but not "the same distance" from both sides:
As you can see, China is nothing but happy about this, as they are watching two potential enemies erode themselves and testing their strength. Lots of lessons will be learnt on the handling of this crisis and I would not say that Europe and Democracies are playing a great role in terms of intimidation, yet at least is managing to stay reasonably united.
China are such a bunch of hypocrites and it is so clear for all to see. They say don't throw fuel on the fire? Well Russia has invaded a country in Europe - proceeding to murder civilians and level cities all over with zero justification. It is Russia that needs to learn to respect other cultures and civilizations instead of trying to impose their will by endless violence. There is no way that Russia comes out of this war successfully, even if they continue murdering innocent people their economy will be shattered for decades to come. The only way this ends now is with the downfall of Putin, hopefully he can be replaced by a democratic system which will take a long time to build. The Chinese are a bunch of cowards, simply looking to prop up another friendly authoritarian government but they'll both end up losing in the long run. Dictator Xi Jinping better be scared, this is the Chinese future.