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You forgot Taiwan. As Zipitidew said below, China is happy that NATO is sending so much material to Ukraine that they cannot send to Taiwan in the event of an invasion. My guess is they are not ready yet, otherwise the start of the war in ukraine and in Israel would have both been good moments to start their, when everyone is occupied with other affairs.
You are probably right. Still, I guess China would count on pubblic perception being against fighting for different foreign countries at the same time. People don’t like war and if you want to start a war you want to make sure the allies of your enemies are as less likely as possible to intervene. Of course that does not consider the incredible strategic importance of Taiwan