I think it's more of a gesture from China to encourage NATO nations to start thinking about ceasefire and "peace". For Ukraine to continue fighting they will continously need more military equipment and NATO members are the ones paying for it(in military equipment and lack of gas). China's suggesting the easy way out for the NATO members of calling a truce where it is, which Ukraine would be forced to do if NATO supplies stop.

Of course the obvious issue is that Russia will only use the "peace" time to regroup, rebuild, and relaunch a new attack in few years, so it's a foolish to call "peace" now. Only way to make sure this doesn't happen again is for Russia to gain nothing from this act of aggression and to force them to lose something whether in territory, in reparation cost, and/or removal of leadership. Something to make it clear the act of aggression was not worth it.

Knowing this NATO nations will most likely stand firm behind Ukraine and ignore the Chinese calls for "peace".