This is a tacit admission that China is a major power broker in Eurasia as a whole, and has significant diplomatic pull.China mediate ceasefire between Ukraine and Russia.....Why should China get involved in this shit? China will get smeared by West anyways and any talk of "Putin cool it" will be interpreted as "slight" or "betrayal" by Putin, so what is the point of getting involved? China should stay out of this giant clusterfck.
It is the same reason why US hosts Middle East talks even when it's not a party. It shows off the US diplomatic power and ability to make deals.