China is laughing all the way to the bank.
This conflict will raise inflation even more which will deepen the economic crisis in the West and thus making it more vulnerable to Chinese economic coercion
Meanwhile, Chinese Industry will be eating German/EU Industry's customers while at the same China will be gobbling up valuable Russian assets for pennies, get ultra cheap gas from Russia, and weaken quite a lot of Russian influence in Central Asia
People who think that China will care about a so called western boycott, are deluded. When people get poorer from high inflation, China gets an even bigger market share due to its cheap products.