With Russia knocked down a peg by its disastrous performance in the Ukraine War, Afghanistan fallen to the Taliban, none of the usual candidates in the Middle East coming forward publicly to try to pounce on Israel in the face of its intense response to an Iranian supported Hamas massacre and Hezbollah rocket attacks from Lebanon, and North Korea lobbing nuclear ready missiles in tests but taking no conventional warfare steps and its leader shaking hands with South Korea's leader, all attention has turned to China.
As a country with 1.4 billion people, a gross national product that is 76% of the size of the U.S. GNP, and decades of intense economic growth, China's has had the resources to fund a large and advanced military, without even seriously militarizing its society with large numbers of soldiers relative to its population or seriously straining the ability of its government to pay for it.
China's merely regional aspirations also allow it to concentrate its military resources. China hasn't tried to mimic the United States and Russia by deploying a large blue sea navy far from its coast, or by trying to serve as a "global policeman". China has some blue sea navy capabilities with modern aircraft carriers, surface combatants, and longer range than coastal submarine, it has long range missiles (some of which carry nuclear missiles), and it even has some reasonably long range military aircraft. But China has shown little interest in flexing its military muscles further from home than the Philippines, Southeast Asia, the Western Pacific Ocean, and the East China Sea.
China certainly has no plans to invade any country in the Americas, or to repeat the mistake that Japan made in World War II when Japan attacked Hawaii in 1941.
There is no indication that China has any intention of starting hostilities to the North, with Russia or Mongolia or on its borders with the former Soviet Republics in Central Asia.
Despite some border skirmishes over worthless, almost uninhabited mountain territory on its border with India, this conflict seems to be more about pride and honor than anything substantive. China shows no indication that it wants to seize meaningfully inhabited parts of Pakistan, India, Nepal, Bhutan, or Myanmar. China seems to have bitten off as much as it can chew when it conquered Tibet and now thinks better of any other campaigns to repeat that experience.
China could easily have conquered the communist regimes in North Korea, Cambodia, Laos, or Vietnam outright, but appears to be content to merely leave them as tributary states in its sphere of influence that emulate it and kowtow to it.
In part, China appears to have concluded from the troublesome resistance its has received from ethnic minorities in semiautonomous regions like Inner Mongolia, and from ethnic minorities like the Uyghurs, the Tibetans, and the Manchurians, that it prefers to be a nation-state dominated by a Han Chinese core to being a sprawling multi-ethnic, multi-lingual, multi-cultural empire.
China doesn't really want to have to absorb Japan or North Korea or South Korea or Vietnam or Laos or Cambodia or the Philippines or Indonesia or Thailand, let alone Australia or New Zealand or Papua New Guinea.
China isn't even grumbling about trying to unify Chinese diaspora populations in Western influenced places with large Chinese minorities, like Singapore or Malaysia. It swallowed up Macao easily enough, when its 99 year lease expired, but has found that even trying to absorb Hong Kong without destroying what makes it valuable has been highly challenging, even when the British handed it over without a fight when its 99 year lease expired.
China has a large and technologically advanced Army ground forces with no place to go. It has state of the art tanks and anti-tank forces, but no plausible conflicts, other than an invasion of Taiwan or a campaign to put down North Korea's regime if it gets out of hand, to use it.
It is conceivable that China might need to fight a counterinsurgency conflict in its own territory, or to aid one of its tributary states in doing so. But there is no way that any plausible insurgent force in these places could acquire "near peer" conventional military force weapons to its own forces in any meaningful amount in the foreseeable future.
The United States also has large, technologically advanced ground forces in its Army and Marines, but unlike China, it has used those ground troops as expeditionary military forces to fight foreign wars on a regular basis since at least World War I. China hasn't been involved directly in a foreign war on an expeditionary basis since World War II, even though it supported proxy Communist regimes in Korea and Southeast Asia.
Since the 1980s, China's military ambitions have focused largely on regaining control of Taiwan (which itself arrogantly claims sovereignty over mainland China, an ambition that has been futile for seven decades) and expanding its dominance in the portions of the seas near it, some closer to the Philippines and Japan than to its own coast, that the rest of the world considers to be international waters.
Taiwan is attractive because it is very close to mainland China, and it is predominantly ethnic Chinese, which makes it feel to the People's Republic of China like a territory that it could assimilate in a manner similar to its current effort to reintegrate Hong Kong into the People's Republic of China.
The prospect of a military conquest of Taiwan is also attractive to China's military leadership, much as it is the military leadership of the United States, because it justifies immense expenditures for naval forces, air forces, and ground forces who can participate in an amphibious assault on the island of Formosa.
If China's barriers to this conquest were primarily military, it would have happened long ago. The People's Republic of China has something like 70 times more people than Taiwan does, vastly more economic resources, and can focus on this single front without fearing distractions from some other conflict at the same time. Taiwan's economy is more technologically advanced and developed than China's but that gap has fallen steadily, and when it comes to military technology, they are close to parity with China potentially having the edge at this point. Even if China had to incur three or even ten times the casualties as Taiwan did in an offensive war against it, ultimately, China has a greater capacity to bear those losses than Taiwan does.
This said, however, one of the reasons that the last significant amphibious assault in the history of the world was seventy years ago in the Korean War is that military technologies have shifted in a way this makes this strategy which has always been extremely challenging and costly, even more difficult to carry out effectively. It is just too easy with modern anti-ship missiles, submarines, sea mines, and more to sink amphibious assault surface combatants with hundreds or even thousands of ground troops on them before they even reach the shore. And as military technologies mature and advance, the balance continues to shift, again and again, against warships and toward military forces that want to stop warships. Ukraine has managed to seriously bloody Russia's Black Sea fleet, despite not having any real navy to speak of at all.
Taiwan does have the United States, with the worlds largest and most advanced military force and nuclear weapons as it patron. But a reasonable Chinese military strategist could wager, and would probably be correct, that the United States, while it would provide as much support in conventional warfare to protect Taiwan as it could, would not be willing to start a global nuclear war with China to protect Taiwan's sovereignty, something that Taiwan itself blows hot and cold on in its own domestic politics. Likewise, while China would very much like to have Taiwan as a jewel in its crown, it seems unlikely that China would risk starting a nuclear war with the United States to get it. Nuclear missiles are blunt instruments that serve few legitimate military purposes in the hands of rational military leaders in positions of high command. And, unlike the leaders of North Korea, China's leaders have consistently shown themselves to be calculating and rational, rather than insane and reckless, for the last half century or so since the Cultural Revolution ended.
Instead, the main barrier to a Chinese invasion of Taiwan is that fact that both countries "live in glass houses." Modern China's economy and prosperity is rooted in its export oriented manufacturing base, which is increasingly moving up the chain of technological sophistication. Taiwan, likewise, has an export based commercial economy that, most famously, it the global center of advanced computer processor manufacturing. China and Taiwan even have significant and strong trade ties with each other.
Unlike Russia, which has survived global economic sanctions and boycotts with only minor cuts and bruises so far, because the only exports that are very important to the health of Russia's domestic economy are natural gas and oil, both China and Taiwan have economies which are heavily reliant on international trade, much of it with rich Western countries.
In an all out war, the sophisticated high tech factories that make that export based economy possible would be completely wiped out for decades in Taiwan, although the heavy capital investments of mainland China would be harder to really devastate. But it also isn't just physical capital investments that matter. You can't manufacture world class computer processors with unwilling serfs. The prime exports of both economies require the voluntary, and indeed, enthusiastic participation of legions of sophisticated engineers, factory managers, technicians, financial and managerial professionals, and more generally a health, decentralized, reasonably economically free commercial sector and social class. All it would take for China to kill the goose that lays Taiwan's golden eggs would be quiet work to rule, "quiet quitting" type behavior from its managerial, professional, administrative, and technical classes. No flashing explosives or armed resistance would be necessary.
Equally important, if any significant part of the developed world decided to boycott Chinese exports because of a Chinese invasion and conquest of Taiwan, as part of a general mobilization against it akin to the general mobilization against Russia that took place in the immediate wake of its invasion of Ukraine, the impact this would have on China would be far more severe than the impact these sanctions had on Russia.
China wouldn't lose all of its trading partners. It could still keep selling its ware to the communist regimes of Southeast Asia and to Russia, for example. But its trade to those countries is already close to maxed out, because it is a leading global exporter. There is no place it could sell its wares that could replace its immense exports to developed Western capitalist countries around the world, if it lost access to those markets, which it likely would, at least in the medium term.
The economic blowback that China would experience in reaction to an invasion of Taiwan from the developed Western capitalist countries of the world would be at least as bad as the Great Depression was in the United States, if not worse. Hundreds of millions of ordinary Chinese people would lose their jobs and would be trust into abject poverty. Factories up and down China's densely populated eastern coastal regions would be shuttered. People who managed to hold onto jobs might see their incomes cut in half. The massive progress China has made in the past couple of decades in eradicating extreme poverty globally would be undone.
In an economy already heavily driven by extravagant public works projects, there would be little room to boost an economy facing collapse from a sudden interruption of its export trade with more spending on public works and infrastructure. A loss of access to supplies of imported raw materials would further cripple Chinese manufacturers ability to export goods even communist or formerly communist countries that continued to support China, and to manufacture goods for domestic consumption. Imported comforts would dwindle to the consternation of Chinese business elites that now snap up second homes in Vancouver and foreign educations and travel for their children and have acquired expensive and exotic tastes.
Also, despite its vast population, now more or less tied with India, in China, lives are no longer cheap. The average Chinese woman has less than one child in a lifetime. Many young men in China are not just only children, but are also the only grandchild of four grandparents. A historical preference for boys as China experienced its demographic transition in the face of its one child policy have left China with a surplus of military service aged men, although it has barely tapped it since it has so many young men relative to the needs of its military.
China is far removed from places with the demographics of places like the Gaza Strip, where almost 50% of the population is under the age of eighteen, couples tend to marry in their early twenties, and women generally have many children in their lifetimes. Too many mouths to feed and too few jobs to support them isn't a problem that China has at the moment. Every young adult man and woman is precious in the eyes of modern China, so each life lost in a war to take Taiwan would have an amplified social impact. China is not psychologically prepared to lose the millions of lives and hundreds of sunken ships that it would have to expend to take Taiwan.
Given the current situation of China and Taiwan, the only way it would make sense for China to conquer Taiwan would be if it could accomplish this in an almost bloodless fait accompli in a matter of days, which the Taiwanese people collective gave up and accepted as inevitable at the outset, much like the sudden, nearly bloodless Russian conquest of Crimea in 2014 that was basically over before the world had time to react to it, or come to Ukraine's aid.
But while the Taiwanese people do predominantly speak a Chinese topolect, and do have strong cultural ties to mainland China, the similarities between Crimea and Taiwan end there. Modern Taiwan's is the product of a society of Western leaning exiles from the Maoist Communist revolution in mainland China. The Chinese speaking people of Taiwan are the majority and have been in opposition to the communist regime of mainland China from the start, unlike the Russian speaking people of Crimea who were a minority in Ukraine and felt cultural and political kinship with their post-Soviet co-ethnics in Russia proper.
There is no reason to think that Taiwan would accept their new Chinese overlords quietly or peacefully with resignation and obedience to the new regime. This would be a war of people with nowhere else to go in Taiwan defending their home, who have been preparing for this fight for much longer than the Ukrainians prepared for a Russian invasion, and with all of the ferocity of the Ukrainians defending their territory. And, like Ukraine, the Taiwanese would have ample military and economic support from Western-leaning allies including the United States, Japan, South Korea, and Australia with technologically modern military forces. So, the only scenario that would make the price that China would have to pay to take Taiwan simply isn't a plausible possibility.
Thus, the only ground war that China has shown any interest in fighting would be far too costly to China, even if it wins, to make the fight worth it to China. And, because China's leadership is rational and pragmatic enough to realize this fact, it is extremely unlikely that China will invade Taiwan.
Really the only military actions that it seems plausible for China to undertake in the near future is a continuation of its low grade, gradual efforts to use its naval and air power, and ground troops on artificial islands, to extend its dominance in the international waters of the East China sea and the Western Pacific as far as the international waters near the Philippines. The prizes here are fishing territory, oceanic mineral resources, greater control of the East Asian shipping industry, and national pride at a modest military cost. And, these are prizes which the allies of Taiwan, South Korea, and Japan are unwilling to exert the level of overwhelming trade, diplomatic, and military power necessary to completely thwart China from achieving these aims.