Still many European and indeed Western companies havent pulled out from Russia yet, maybe just companies like MCD and KFC.I think the decoupling stuffs and sanctions etc is being pushed more by the US, Europe is still not there yet to that extent. Moreover E.U is made of several countries which varying degree of interests. So concensus about such decisions isn't universal for the union. So E.U countries aren't as keen to reduced ties with Russia as the US to be honest. For European countries they consider Russia more of a threat than China, and rightly so giving their proximities. So E.U countries have been more willing to partner with China than the US . Reason for example Airbus was the first and only aircraft maker to set up an assembly line in China since 2010(Airbus only pant outside of Europe) while Boeing refused to do so until this day. In fact Airbus is even thinking of setting up a second assembly line in China this year and expaning their footprint and investments in China. There several such projects in helicopter fields with successful sino European joint ventures programs making helicopters for China Market and other such project in several fields.
So you should know how to pick your fights , which i think it's why Xi Jinping has always tried to be on Europe's good side and encourage more cooperation. Both has huge trade and investment ties. I thinknthisbis the biggest deterrent for China not supporting Russias invasion of Ukraine . Since this would have totally changed Europe's stance of still being fairly neutral and non committal in US pressure to contain China. If China had supported Russia military then things would have changed completely and European leaders would have gad no choice than to pull their companies amd investments out of China due to sheer pressure, this the relationship would have taken a turn for the worse.
Overall Xi Jinping was smart not to pick sides in this conflict. China has more to gain by taken an observer status and gaining the maximum from both Europe and Russia.
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