> If Europe wishes to be "friends" with China, it means giving Russia primacy within Europe by giving up Ukraine, as well as completely giving up on European domestic industry.

Absolutely not. China is not a friend of russia. It's just convenient for them to prolong the time that russia bleeds out. The best way of achieving this is not letting russia to lose to fast. Any kind of russian success does not serve China in any capacity.

Europe could offer China a lot to tip the balance.