That has been their official line from the start.
Neutral, but with a hefty side helping of "Blame Nato/USA".
I think China is trying to split the baby... blaming "US-led NATO" will morph into blaming "NATO" because China can't afford to see Russian economy collapse AND risk further deterioration of Chinese-USA supply chain and other commercial relationships. Words matter. Emphasis matters.
Biden might want to build everything in America, but that will never happen with magic-wand effect because the USA is still a nation full of price-driven consumers and only a recent hat tip to the idea of paying workers a decent wage.
Yeah, sure, we like cushy bath towels like the ones used to be made in New England and then in South Carolina, but we gave those up 30 years ago for cheaper everything including groceries (and then, duh, lower wages) at Walmart.
Yesterday i paid 99c a can for two cans of beets at a supermarket because not sure could get my next Walmart staples bulk order delivery (55c a can for those beets) before next snowdump. But Walmart is about to have pricing issues on a raft of things, the same as other grocers.
Bottom line all the supply chains are up in the air, this time over more than just covid-related logistics. Right now consumers are mainly focused on gas prices because oil is the leading edge of reaction to sanctions. But we ain't seen nothin' yet on price jacks thanks to Putin-related sanctions. It's not just cheap toys and pricey electronics get made or processed for the west in China.
And as for China's outlook, it was certainly never counting on Putin going for full regime change in Ukraine. Crimea one thing, Donetsk-Luhansk maybe another couple things (maybe they all look like Taiwan to China), but western Ukraine a bridge too far. This war instantly threatens the Chinese-Russian economic partnerships AND the supply-chain and other commercial interests China has enjoyed with the USA. OK "enjoyed" is too strong a word there: so, "engaged in and to mutual profit"...
I mean it had to be brutal for Xi to wake up two weeks ago and realize that the Russian end of the Sino-Russian economic arrangements had just became thoroughly unreliable, AND days later to realize that way past human rights issues in China, the USA was furious that China would even be trying to walk the fence on Putin's behavior versus Ukraine.
See China was trying to bake a nice cake for itself with the separate help of two countries now totally distracted and making a proxy war with each other in Ukraine while so far not using nukes. And "short" means only short of whatever Russia would like to do with Chernobyl, where it could decide to enrich uranium instead of just minding the radioactive waste levels there. China and the US may both wonder about that right along with Europe.
China still needs the USA and we still need China. It's nice to talk about making everything in America. That's not going to happen by next week, by end of quarter or end of 2022 or 2024 either. Xi knows that, the Biden WH knows that, but Putin's in a tunnel looking at his private and expanding map of Russia. Easy for him to glance up for a minute and say
yeah the US sucks big time but see we have them over a barrel in Europe now.
China's trying to say to Vladimir
uh, you got a mouse in your pocket? Who is "we"??
But all Putin hears is "US-NATO are to blame" and that sounds to him like justification to keep trying to subdue Ukraine, even as he loses hardware and personnel to Ukrainian resistance and thus thrashes his own country's economy even before considering the bite of western sanctions.
So China is waking up and will count the dollars it's putting on the line by fence-walking. The ruble is already worthless. China has a quintessentially mercantile mindset. I would expect it to take a more vigorous approach to getting Putin to back off his world domination demo in Ukraine pretty soon. The world could use all the help it can round up to that end.