China is Ukraine’s only hope

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Putin and Xi met at the beginning of the games, doubt if China is going to say or do anything.

Xi has opposed earlier annexations by Putin because weakening the idea that nations are entitled to not face interference within their own borders weakens his cause in regards to Taiwan.

Ukraine is universally recognized as independent. Taiwan technically isn't (even if it should be). Russia is using aggression against an independent state, China would prefer for conflict with Taiwan to be viewed as an internal issue.

China will most likely try to play both sides and avoid outraging anyone as best as they can, while taking notes. Anything they can use against the west in pursuit of their goals later on will be used.

I don't think China is looking at Russia and the West's reaction to extrapolate. ... mainly because I can't take any lesson that would apply from it.
Taiwan is, unlike Ukraine, of economic importance. But it's also very far away. There's no acute fear of China annexing anything else of importance afterwards, and there's no possible solution of Taiwan declaring itself neutral or anything like that.
China already has an alternative banking communication system in place, but severe sanctions will still hit it.
And the West will be reluctant to act - independent of whether there will be any military action against Russia or not.

that said: yeah, maybe sanctions against anyone not yet sanctioning Russia could do the trick. Maybe China isn't ready to take the hit in exports over Ukraine. Then Xi might have a word with Putin.
But I'm much more inclined to think they'll work together and allow each other some territorial expansion until they have become a de facto equal to the US.... turns out, authoritarian capitalism just could become a rival to liberal capitalism.

They should be wary of counterfeit hope.

Interestingly, time has proved both claims in this thread about China-Russian relations are correct.

China's official statement in the strict sense has been emphasizing its opposition to Russia's war behavior and expecting peace talks between the two sides. Because Beijing wants to avoid the international community linking Ukraine-Russia relations with China-Taiwan relations. Because Taiwan is not yet independent procedurally, but has begun to become independent operationally, Beijing wants to use the former fact.

Although the Chinese official in the strict sense does not declare support for the Russian military action. And the news network (the official core media)reported on the plight of Ukrainian civilians. But in late February and early March, pro-CCP media and some official tabloids did a lot of pro-Russian and anti-Ukrainian propaganda, and attributed the actual instigator of the war to the US.

For now, this pro-Russian internal propaganda has all but died down. Chinese public opinion began to tilt against Ukrainian.
But on the other hand, after the defeat in the Russian war, the Chinese Ministry of Foreign Affairs announced that it would strengthen cooperation with Russia.
March 30.

^Yes.
Russia is an unreliable ally to China - given what Tsarist Russia and the Soviet Union have done to China in the past, and Putin himself seems to have a better liking for the West.

But both have a bigger common enemy.
And I think, if Beijing indulges Russia to die, the puppet regime that rises from its corpse is likely to deliver a fatal blow to China. Perhaps Beijing will take a similar view.
Beijing is trying to find ways to achieve its goals in ways that do not offend other forces.