He believes that this is a bad signal for Putin.

China’s willingness to present a “peace plan” for Ukraine suggests that Beijing wants its interests to be taken into account in the new world order.
Oleksiy Arestovich expressed this opinion in a conversation with Russian human rights defender Mark Feigin on YouTube. “China knows that the decision regarding Russia was made by the West. It knows the consequences of this decision and wants to take its share of the “pie”. This is a message to Putin, this is a message to the West that they also want to participate in the distribution of the skin of the not-yet-killed “bear,” he said.
Arestovych considers the news of such an initiative by China to be rather bad for Russian President Putin. “I don’t think that China changed its strategy in 30 seconds. It wants a normal land route with Europe, guarantees of their security, a new Silk Road, an attempt to intercept the US monopoly on the keys to sea trade,” he explained, adding that Beijing is clearly aware of the “red lines” and will not supply weapons to Russia.
“In some sense, this is a counter-initiative to Ukraine’s initiative on a new world order. We will hear a lot of interesting things on February 24, when the formulas of the world will be presented. And to what extent they coincide… For me, this is a signal that the Kremlin has been led down a narrowing corridor into a stall, and already the Chinese,” he added.
China’s initiative
As reported, earlier China’s chief diplomat Wang Yi announced the publication of a document proposing a political solution to end the war in Ukraine.
The President of Ukraine Volodymyr Zelenskyy said that he did not receive official documents from Beijing and reminded that we already have our peace formula.
Later, China’s permanent representative to the UN, Zhang Jun, explained that on February 24, they plan to submit a document with China’s official position on the war, not a peace plan.