The US ambassador to the UN, Susan Rice, said China was ready to hold "serious" talks with Western powers on a new UN resolution.
This would mark a policy shift for China, which has strong ties with Iran. China says it wants a peaceful outcome.
This may be a misread. In China, not to talk is considered very impolite. So China is always ready to talk. And they are always ready to listen to any offers that might benefit them.
But China is also shrewd enough to understand that new sanctions cannot force Iran to give up nuclear weapons it does not actually have, and that this "failure" will simply be another US and Israeli justification to launch yet another war of conquest against an unoffensive nation and innocent people.