The 2024 fall edition of Middle East Policy contains an article titled "Security in Neutrality: Chinese Engagement in the Middle East and the Red Sea Crisis" by Christopher K. Colley and Joshua R. Goodman, both at the Air War College at Maxwell Air Force Base.
The authors conclude that the primary goal of China in the Red Sea crisis is to use diplomacy to avoid escalation and entanglement in military conflict. Its second preference is to free ride on the efforts of others. If there are clear dangers to Chinese nationals or economic interests, it is prepared to respond militarily.