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The writing on the wall that Xi sees is that the Ukrainians are going to kick Russia's ass. That might make a scared Putin do something really stupid. Better to negotiate than become radioactive.
War is unpredictable, China does not like unpredictable.
Ukraine won’t kick Russia's ass, Russia learned a lesson in the first Chechen war. It will have casualties but won’t rush to take cities.
Look at what happened to Grozny in the second Chechen war, or Georgia in 2008 for what is likely to occur