Putin made a grave mistake and cannot win without China’s direct assistance.
Putin’s actions have strengthened US stature and position globally, as well as illustrating the importance of NATO. This presumably is exactly the opposite of what Putin desired.
China could gain influence and power by helping Russia, but at the cost of international relations. More importantly, it would still be a gamble.
Without China’s help, Putin will fail one way or another.
China could instead stand with the rest of the world. This would more quickly end the current conflict, and it would make China a more significant international partner. This is the better option.