From the Global Times, which is an English language paper published by the Chinese government:

Beijing is not able to persuade Washington or Pyongyang to back down at this time. It needs to make clear its stance to all sides and make them understand that when their actions jeopardize China’s interests, China will respond with a firm hand.

China should also make clear that if North Korea launches missiles that threaten US soil first and the US retaliates, China will stay neutral. If the US and South Korea carry out strikes and try to overthrow the North Korean regime and change the political pattern of the Korean Peninsula, China will prevent them from doing so.

China opposes both nuclear proliferation and war in the Korean Peninsula. It will not encourage any side to stir up military conflict, and will firmly resist any side which wants to change the status quo of the areas where China’s interests are concerned. It is hoped that both Washington and Pyongyang can exercise restraint. The Korean Peninsula is where the strategic interests of all sides converge, and no side should try to be the absolute dominator of the region.