Summary:

* China sees this as very bad for them, as it increases the stature of the US and the unity of Atlantic Alliances.

* China has attempted to maintain neutrality but will likely have to choose sides. They are probably skewing away from Russia because an alliance would forever harm the world-wide prestige they seek.

https://uscnpm.org/2022/03/12/hu-wei-russia-ukraine-war-china-choice/

US Officials says Russia has asked China for military help. (China has denied this.)