I don’t think the ChiComms would quite do it that way.
Their battle plan would call for a missile attack (purchased from Russia) and air attack to cripple Taiwan’s air force. Then the ChiComms would deploy their fleet of diesel-powered submarines (purchased from Russia) to enforce a naval blockade against Taiwan. Upon execution of this plan the ChiComms would present a political ultimatum to Taiwan: submit or be economically strangled.
At this point we would face only bad choices. To deploy our aircraft carriers in these waters would expose them to devastating missile and submarine counterattacks. The only viable option would be to enforce a counter naval blockade against China in the Straits of Malacca .
If John McCain were President I believe the counter blockade strategy would have deterred the Chinese because he would order it. With Obama in charge I would only expect feckless protests at the U.N.
Yes, however - their only chance of this working is for the missile strike to take Taiwan’s air force by surprise and destroy most of it on the ground. That’s a tall order.
If they could achieve air superiority they could invade anyway. But they can’t. Also, they’re then vulnerable for Taiwan’s reprisal strikes on their ports.
I think it’s too expensive for the ChiComs at this time.