This, from a longer article, is in The Economist today.
Mr Putin has time to redeem himself in China’s eyes. For Chinese interests to be advanced, Russia does not need to achieve all its war aims, let alone to control this or that Ukrainian oblast. China’s cold-eyed priority is for the American-led West to end up divided and weakened. China views this as a long game. It still hopes to see Europeans hold “America’s war” responsible for soaring energy prices causing pain to citizens and businesses across their continent, especially after a long, hard winter.
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Self-interest explains Chinese policy. China denounces American defence alliances and sanctions because it fears the same levers being used to contain China in Asia, or to punish an attack on Taiwan. Chinese leaders believe they will gain from a Russian draw or victory in Ukraine, concludes a senior Western official. “Either Russia is weakened and so China is stronger in their bilateral partnership, or Russia can claim victory and that’s a defeat for the West.” Either way suits China, he says. Taking advantage of Russia’s semi-isolation, China is buying its oil and gas at low prices, and will soon pay for more of it with its non-convertible currency, the yuan. Ever-cautious about its interests, China has avoided overt challenges to Western sanctions. “Our Chinese friends are tough bargainers,” Mr Putin noted, days before meeting Mr Xi.
To China, Mr Putin’s current woes are unwelcome but manageable. Abject defeat for Russia in Ukraine would be another matter. For one thing, it might trigger regime-threatening chaos in Moscow. For another, if liberal democracies stay united and prove willing to endure pain to defend the rules-based order, that would undercut China’s favourite charge that the West is in decadent decline. Mr Xi wants a fighter for a friend, not a loser.