I think China is waiting for the US to make a bigger mistake before escalating. China is probably waiting for a Pelosi-visits-Taiwan type of event--some act from the US that is so confrontational that China can escalate freely in response without pushing away neutral countries.
I'm not a Chinese expert BUT it is obvious that China want a peaceful resolution, its their neighborhood and these pestering problem should be solve ASAP, it takes two to agree and the Philippine should know that they are a sovereign country NOT a US state.
From a position of strength the Chinese had the upper hand, the SCS is a Chinese lake, it will become a pond in the near future as the they push out to the second Island chain within the next 5 years. They are arming massively which the US will find hard to compete even including her vassals. This arm race is favorable to China and IF the Problem in Ukraine and Israel persist, it will be too late for the American to pursue its war strategy in 2025, that is the inflection point after that going forward it will be harder and maybe impossible to pursue such strategy.
The Chinese usually don't talk they act, they are working to limit their vulnerability such as,
1) Malacca conundrum, they solved it with BRI and rapprochement with Russia.
2) Semiconductor, a local solution will be in place by 2025
3) SCS, duly contain with those artificial Island
4) de dollarization by pushing YUAN as an alternative.
5) Massive Arm race
6) the Dual Circulation strategy is having its effect, as the Collective West stumble making the Economic transition more smoothly.
All of this will be done by 2025, so they are prepare for any possible outcome.