Does Europe count as one region for the 144 h TWOV regulations?

The definition "country or region" is a bit unclear to me. Would it be ok to arrive to Shanghai from one European country and departure to another.

The trip I'm planning is Sweden (Gothenburg) -> Finland (Helsinki) -> China (SH) and then -> Russia (Moscow) -> Serbia (Belgrade) -> Sweden (Gothenburg) on my way back home.

I'm trying to coordinate a business trip to SH with a private trip to Serbia which would be convenient.

Would entering from Finland and a departure to Russia qualify for a 144 h stay in SH?

Thanks a lot in advance!