If one of the poles in our multipolar world pushes for a one state solution, Israel will go THERMONUCLEAR.
Also a one-state solution in the current conditions is going to mean whichever state remains will preside over rubble, and much of West Asia will also be rubble. And that region is a key part in the Belt and Road, which is a driving force in liberating Africa as well as bringing prosperity to the West Asia region.
The two-state option is a win for Palestine in the long run, and China acts with the long run in mind. If the current crisis ends with Gaza and the West Bank not blockaded, occupied nor controlled by Israel, it will become a competition of economies instead of a war of violence. Israel will have the declining fascist-impoverished Western World in its corner, while Palestine will have BRICS+ (or more likely BRCS+) and the Belt And Road in its corner.
All we need is a status quo where Israel can't bomb, bully and murder Palestinians on a whim anymore, and Palestine would leave Israel in the dust in terms of prosperity.