The PLA leadership doesn't think that way. I know this because that's a very stupid way to think and the PLA leadership is not stupid. They would not bet China's future on some feeling of what America might do. That's called putting China's fate in America's hands. They plan for the worst case scenario because that's how intelligent people plan.
Zhongnanhai doesn't roll dice, and it doesn't pluck petals off flowers while chanting "America will intervene, America won't, America will, America won't..." China bases its war plans on defeating the US in the western Pacific at the US's full strength. If it can't do that, it doesn't launch a war. Why are people wasting time with lesser discussions of what America will do? That doesn't matter - America is getting hit whether it intends to intervene or not.
The algorithm is simple:
If China's comprehensive military strength is less than America's:
Get stronger.
Else:
Launch war.
What happened in the last two weeks is meaningless theatrics the PLA got some training mileage and operational masking out of, nothing more.
Have to hard disagree on that.
China doesn't want war with America. It's first line of strategy is to deter an US invasion by making it obvious that America would lose, badly.
If China is too weak, America will be tempted to pull a Crimea on Taiwan. But China itself doesn't want to go on offensive vs US unless America makes it clear they will attack first. The cost in lives will be huge, and the politicians in Zhongnanhai aren't elected on the principle of sacrificing lives for the "greater good" unlike the ones in the White House.
Once China deters US from their land grab, they can use either peace settlement, force or a combination of both to get rid of the ROC rebel problem. There is no need to involve any outside nations in internal affairs, unless said countries attack first.
Afterwards, China can slowly address the problem of US spreading dangerous influence in Asia. It doesn't have to be open war in order contain Japan and Korea. Carrot and stick with sanctions and increasing media output along with disrupting the US regime at home will slowly achieve soft denazification and deamericanization of these 2 US occupied territories. Signs of this is already shown in SK.
When America, despite threatening to for 30+ years, fails at invading Taiwan and the island is irrevocably fortified, it will be an immense blow to their prestige worldwide.