Another lynchpin of the regional balancing strategy that will only be possible to judge thoroughly in hindsight. Remember that there isn't much the US can do without escalating the (political) conflict and forcing it to the top of the world's attention. Besides the obvious drawbacks, such moves will only heighten the social impulses within China that encourage its government to take nationalist or irredentist stances, namely the long-term social destabilization of the nation and concomitant major policy shifts in the organization of the economy.

Ultimately, I don't see any information that we have a plausible medium-term alternative to shoring up the Pacific Rim cordon from Korea to Indochina along with the usual backroom stuff that must go on with China. Of course, Russia sees all this and it is why they currently prefer to cultivate new energy deals with Japan over China: the negotiations are more on-level and safer, Japan is much less of a political and economic competitor (than China), and they serve to weaken Japan's relationship with the United States insofar as they further energy and commodities trade from Russia to (perennially resource-poor) Japan. And certainly, having the world's largest economies preoccupied over a relatively-irrelevant (to Russia) territory is just fine with Putin, who has his sights set on the coming race for the Arctic zone.

Taiwan would basically be OK with Hong-Kongization and has been for years. The CCP isn't rushing here as they have time on their hands.