I felt any mediation would be fruitless as Israel is determined to attack Gaza Strip but China should still give it a try for potentially preventing a full out war or even a regional war.
Turkey, Iran, Saudi Arabia, Egypt all have consistent position for once. This is in no small part thanks to China's mediation effort. Nothing like this happened before. This is why I am still optimistic. Israel is under immense pressure right now. You can tell from their disproportional mobilization level. This is why I think negotiation has a somewhat good chance.
When Muslim world stopped fighting each other, they can work together. They all condemned Israel's extreme violence. I am not expecting them to put more action than words. However, as long as they do not back stab each other, that is enough. This is sufficient to put severe anxiety in Israel. What is worse China is putting pressure on them. They are not used to having a superpower working against them, only for them. US and EU just depleted most of their stocks to Ukraine, not much to give. The carriers are pretty cool, but that is not very helpful on the ground. US is in no mood to enter Middle East again.
Even if Israel reject China's offer, it is worth a try. Even if they refuse they know the pressure is there, and will be more cautious in their action. China do not have to enter the war personally, simply working overtime coordinating Muslim nations is making a big difference.