Legitimacy and perception are way lower on the list of desirable outcomes, for China, than the US empire simply continuing to bleed out in the Ukraine. Strategically, Xi would like this war to last 10 more years at least. Sadly, but that's realpolitik. Also, Russia would prefer if it continued since basically, they are winning in the long run. Also, to add, there were already at least 5 peace initiatives like this since the war started, and they begged China 50 times, and it didn't pan out. I see literally no chance it happens this time either.