China is explicitly antiwar in this case and is calling for a ceasefire: https://asia.nikkei.com/Politics/China-People-s-Congress/China-s-Li-calls-Ukraine-crisis-disconcerting-and-urges-cease-fire

China also recognises that most sanctions disproportionately affect ordinary people, and barely affects the government or the social elite, if at all. That's a major reason why it won't sanction Russia.