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Notes -
I'd lean against.
A serious move against Taiwan is likely to trigger a longer-term economic realignment away from Chinese manufacturing and towards all of their regional competitors. I'm doubtful that the Chinese economy is strong enough to weather such a thing. Main wildcard is to what extent Chinese leadership either doesn't believe it will happen, or doesn't care.
The PLAN and PLAAF don't have much recent experience AFAIK fighting blue-water naval battles, amphibious invasions, air battles against air forces that aren't total clusterfucks, etc. Trying for something like Indirect Control is taking a big risk that their bluff will be called. Their leadership will look pretty bad if they try it and it ends up being a flop. Even worse, a flop of the army and navy trying to assert control over Taiwan is much less likely to generate a strong Chinese domestic backlash against whoever did it, presuming they don't do something boneheaded like major attacks against mainland Chinese civilians.
If China wanted to be taken more seriously as a threat to Taiwan, I'd think they ought to get some practice in somewhere. They've been dealing with Africa for a while, why not pick whichever African country is being particularly annoying to them and go over and smash them? If they can't, or aren't willing, to pull that off, it makes it seem like they aren't really much of a threat to Taiwan.
I’m worried about the Philippines in particular. Lots of regional disputes (eg Spratley Islands) that would serve as testing grounds for the Chinese military but wouldn’t trigger full scale US involvement.
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