The World Bank has forecast Russia's 2022 GDP output will fall by 11.2% due to Western sanctions imposed on Russia's banks, state-owned enterprises and other institutions.
I've seen some people say here that if Ukraine loses, this proves the toothlessness of the west and that it means that other aggressive countries with nukes and a big army (aka, only China) will take it to mean they can invade their neighbors (aka, Taiwan) with impunity.
With regards to China specifically, I think its the exact opposite. The response of the West has proven that unless China is willing to risk 15% of its GDP and its political and social place in the modern world invading Taiwan is not a risk they can take.
Now, obviously, the situations are different. China's place in the world economy is FAR larger than Russia's, Taiwan would go down in like a day if there was an actual invasion (and thus wouldn't be there to lobby the west for sanctions, or be able to stay in the news cycle), and their economic/political sphere of control means that many nations would side with them.
I can't see the west dropping the same level of sanctions they did against Russia against China. But even if the sanctions are only a fraction of the strength and they "just" result in China's economy not growing that year (an effective loss of ~5%) that would still have the potential to cause massive problems in China, and is very much not a risk I could see their leadership ever accepting barring some really extreme circumstances.
Even the risk of the US declaring a major trade war (eg. no companies are allowed to import from China or make anything there) with the rest of the West just watching and doing nothing would be a major enough loss that I can't see the Chinese government taking such a risk.