How is China playing this?
a) Observing carefully as how the West is playing this crisis, how far they are willing to go when China invades Taiwan Russia invades Ukraine. How powerful is the response, how far is the West willing to go.
China has already announced that Taiwan has always been part of China and therefore it would not be an invasion if the Chinese military were to invade Taiwan.
One must not compare China and Russia. China is much more dependent on the world economy than Russia. Therefore, China will not take this as a blueprint, but will look for other ways.