China's interests are certainly shipping traffic and resource exploration. For example, the Chinese have tried many times to buy rights in certain areas, especially for mineral extraction, but all the agreements with international companies failed after awhile. That said, the Chinese continue to look for a spot where they could establish a toehold in the region. I don't believe that they will change tack, whether it be in the short or medium term, because they see it as a new frontier where there are available resources and where they have exploration and mining rights, as do all states.
On October 25th, 2022. See this statement in context.