Yes I am not in favour of a formal China-Russia alliance either. They are doing too many shenanigans in the world and they will drag China down. Their political system is not fleshed out, their economy is basically a gas/oil dependent and for other too many reasons to list out.I got perm banned from /r/Sino for being against the China-Russia formal alliance. Which is totally ridiculous given I'm one of the biggest pro-China posters there. Overzealous power-tripping mods for you.
The current China-Russia relationship is great, forming an alliance only drags China into Eastern Europe/Middle East mess, and Russia's singular carrier can't even reach South China Sea or Taiwan straits to be any help.
I think what they have now is the best of the worlds. They have each other's back on their "core" issues , and they can keep an independent (but mostly aligned) foreign policy