Seems the reasons PRC hasn't pulled the trigger are the potential economic impact and the lack of nuclear parity
I mean there are many reasons why china should not pull the trigger. aside from the obvious issue that wars are horrible and china should try to avoid them unless red lines are crossed.
Just a simple list on why:
- large war with your biggest trading partners
- possible decoupling with the west
- not having mad
- not being sanction proof.
So for the first one, that may require waiting another 15 years where china is completely at military technology parity with America and having 8 carriers to convince American politicians that this is a bad idea. Until then, people that spend their days telling the world that china is about to collapse are always getting more air time than they deserve
For the second one, china has already entrenched itself even more in the global supply chain in the past year. Give them time and chinese industries will simply stretch tentacles to even more places. Won't be long until semiconductor industry are also heavily reliant on Chinese companies. And surrounding nations as part of bri will be reliant on Chinese investment to create jobs. Remember, china wants to move up in value chain and send those lower value chain jobs to lower cost countries.
For the 4th one, there are plenty of infrastructure projects left. China needs more time to build out all the railway and roads so that it can get all of the natural resources and food it needs without importing things from countries like Australia. It wants to have a network of rail, road, pipeline and sea lanes that all passes through china. In such a system, Europe and America continue to loose relevance and countries around china continue to gain relevance and become more reliant on china. However, all these projects take time.
And on technology front, we still need a few years for china to dominate every supply chain outside of aerospace industry. They are probably 5 years away from being able to build everything state of art (or close to it) in china when it comes to chips. They will only get more dominant in other modern industries as Europe continues to suffer deindustrialization from it's self destructive policies.
And just as importantly, it can continue to mature in finance industries and develop a system of banking and finance that doesn't depend on western banking. You want to make yuan a more international currency. All these things are important.
Militarily, they can become even more capable of winning by having large number of h20s, 095s, carriers and stealthy drones in service.