The bigger issue is, can they do so without leaving Taiwan a ruined smoking crater?
I doubt China would desire the island in rubble and with all of its wealth destroyed.
A Red Chinese invasion of Taiwan would quickly turn into a New Pacific War very quickly in my estimation.
Vietnamese hate the Chinese going back a millenium, the Philippines resent their reefbuilding aggressions, the Japanese see the PRC wanting revenge for Jap atrocities in WWII, South Korea is are fiercely anticommunist, and there are still U.S. ships in the region despite Bammie. Reopen Clark & Subic, anyone?
Beijing will snort & growl, but they have a great deal to lose if they act stupid.