For the last three years, China has repeatedly signalled a willingness to act as a peacemaker in the war in Ukraine.

There were rounds of shuttle diplomacy by Beijing's envoy to countries from South Africa to Indonesia. A peace plan with Brazil. A group of "friends for peace" with developing nations. And even a proposal to send Chinese peacekeepers to Europe.

But when Russian and U.S. officials met in Saudi Arabia this week, Chinese President Xi Jinping was nowhere near the table, instead meeting with China's tech entrepreneurs in Beijing.

China's priorities are clear: it is focused on repairing its economy and trying to hammer out a deal with U.S. President Donald Trump to avoid another damaging trade war.

And while Beijing wants to be seen as a global peacemaker, it is seeking to do so without incurring costs or taking risks, especially if they could undermine its ties with Moscow, on which it relies for cheap energy.

"If China doesn't buy gas from Russia, which country can provide enough gas to meet the needs of the Chinese people? It’s not possible, and it’s not safe,” China’s top diplomat, Wang Yi, this week told the Munich Security Conference, a top global forum on security and diplomacy.

The statement, observers said, was the clearest illustration of how China was unwilling to use a major lever it had to pressure Russia - its record-breaking purchases of close to 23 billion cubic meters of gas annually.

Without a meaningful role in the Ukraine process, China has been able to focus on trade and economy. Xi has directed Chinese bureaucrats to study Trump's trade policies and prepare responses to his initial tariffs and threats, two people familiar with the situation say.

China has also deliberately dialed down the tone used by foreign ministry spokespeople to keep prospects of a deal with Trump alive, said the people, two of more than a dozen Reuters interviewed for this story.

They include people familiar with the thinking of the Chinese government, Beijing-based diplomats and analysts. Most spoke on condition of anonymity because they are not authorised to speak to the media.

China's foreign ministry did not respond immediately to a request for comment.