Edit: This was screen grabbed from Weibo which was posted by Horizon News. (sorry got the wrong news agency)
https://twitter.com/lingli_vienna/status/1496097706493816833
https://www.businessinsider.com/china-news-outlet-ukraine-co...
For and article showing their cooperation. I would imagine China is. Wry curious about the actions and resolve of the West in this situation.
EDIT: China now calling West to blame for situation and there isn't an invasion.
If anyone had any doubts as to the morality of Chinese leadership these days...
Personally I guess they will support Russia via trade and not partake in sanctions.
Form this I feel the west has to put tariffs or reduce trade on nations that trade with Russia for maximum effect. It could also be a useful way to rebalance the trade with China which is the aim of some western governments.
China is also in a bind as if they recognise the break away regions this gives political credit to Taiwan's independence. From this I suspect they will continue to publicly offer Ukrainian support, and appear as the peace makers, but do little in actual effect.