"Or China – like Russia in 2014 – may find a creative way to compensate the NHL for its participation, allowing everyone to save face."

Not going to happen. Hockey is big in Russia, and so they have an incentive to bring the Russian pros back. China would gladly keep the pros out. As host country, China automatically has a team in the tournament, and eliminating the pros gives China at least a decent chance of not being humiliated.