China is in a difficult situation. Politically, they want to support Russia. Because they know that once Russia is destroyed by the NATO, then it is their turn next. However, economically China needs to maintain the strong trade relationship with EU and the US. If that is disrupted, then the Western bloc will use the opportunity to move the manufacturing hubs from China, to other countries such as India and Philippines. So China is now being forced to chose between long-term benefit and short-term benefit.
It's not very easy for companies to move out of China to destinations like India. According to World Bank list of countries based on
ease of doing work in 2019, China is at 31st position while India is at 63 position. But we can't predict how things can change in future. Right now China is one of biggest economies of the World and they will definitely adopt strategy that won't hurt there economic supremacy.