All signs indicate a gear-up for war. The US is full on-tilt, not only in military prep, but also in blaming China. The US and China face each other with North Korea in the middle. There is nothing China or Russia will do to stop Washington from gobbling North Korea whole, but a reaction is to be expected. A war just east of China's border should rouse China's military, if for no other reason than that North Korea might go rogue and invade China as a means of escape.
The US also has a precarious position. China trades with and supplies North Korea; of particular interest is oil. The US recently reached an oil deal with China to pay back China on old debts with oil from Alaska. Recent comments from Washington, including a statement at the UN, include that China must do its part to stop feeding North Korea, otherwise the US will take its own means of handling the part it was hoped China would handle. That's no threat, but it is an expected warning, as it is expected that Beijing would respond defensively.
So, we are headed to war and China won't sit this one out. While it is unlikely the Chinese would help North Korea defend a war with the US, the more likely option is an invasion of Taiwan. If China invades Taiwan, it would likely be seen as mere retaliation from the West, but would make strategic sense from China's view—at least if China assumes that invading Taiwan could be a success. With the US busy and expanding pro-democracy South Korea's borders northward, China would naturally want more territory. China might also thing that the US is too occupied with Korea to worry about Taiwan. And, the recent step-up in regular rhetoric over bipartisan support in Congress to defend Taiwan is China's perfect excuse to justify a strike of its own.
We'll have to wait and see how things play out. But, don't think that there isn't plenty of China-blaming in the press, including speculation that China would actually back North Korea militarily or even the smear by making China look inhumane for its implementation of the death sentence. Human Rights or not, there are press forces in the West always trying to smear China. But, just as much rhetoric comes from all sides, including Russia.