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China's foreign policy is entirely centered around their sphere of influence. Their neighbours in Southeast Asia are far more their concern than what happens in the Middle East. They lack the influence and the resources to do anything significant in the Middle East and they know it.
China isn't the Soviet Union. It doesn't have the military muscle to project power beyond the countries that border it. This is the difference between the two. The Soviet Union was a superpower because of its military while China is a superpower because of its economy. China can't do anything immediate to stop Israel's genocide. Military-wise, they not only lack the raw power but also have to reserve most of their military in case they have to forcefully seek reunification with Taiwan. Even something extremely drastic like a complete sanction and severing of relations between China and Israel won't materially stop the genocide for the simple reason that the rabid dog Netanyahu and the rest of the Zionists will not be stopped by anything except for brutal force, something that China lacks.
They got the Saudis and Iranians to mend their fence, which is pretty huge. Reading between the lines, China probably offered guarantees to both Saudi and Iran off the table so it's not impossible that China is choosing to act through them as proxies.
Still, a weak statement from the Foreign Ministry. Wonder if they'll toughen their stance if Israel continues to commit attrocities and the Arab and Muslim world asks China to choose sides.