I still think that China is more interested in the Spratley's then Taiwan, those Islands are just a powder keg waitng to go off.
There have been some big advances in the Chinese Navy over the last 15 years. They have limited power projection with their Type 01 aircraft carrier in operation, the type 02 is in its commissioning trials.
They upgraded their submarine forces with some fairly new SSN's that are rumored to be as quite as a first flight 688 and with advanced French sensors.
They have a ton of destroyers and frigates as well.
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My name is Ozymandias, King of Kings;
Look on my Works, ye Mighty, and despair!
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